Italy's Bending Spoons, owner of AOL and Vimeo, files for Nasdaq IPO
Bending Spoons' Nasdaq IPO: Key Details and Market Context
By Arasu Kannagi Basil and Elvira Pollina
IPO Filing and Company Overview
BENGALURU/MILAN June 8 (Reuters) - Bending Spoons, an Italian tech firm that acquired internet brand AOL and ticketing marketplace Eventbrite this year, filed on Monday for an initial public offering on the U.S. Nasdaq.
The company, which buys and revamps digital businesses, aims for a valuation of at least $20 billion, a source close to the matter told Reuters on Monday adding Bending Spoons is targeting an end of June launch of its IPO.
Bending Spoons, whose portfolio also includes file-sharing service WeTransfer and video platform Vimeo, declined to comment on the valuation and timing of the offer.
CEO Statement and Acquisition Strategy
"We see a vast opportunity ahead. We've identified more than 1,000 digital businesses (both private and public) that could be attractive acquisition targets in the future," Bending Spoons CEO Luca Ferrari wrote in a letter attached to the IPO prospectus.
Financial Performance
The Milan-based company was valued at $11 billion in a funding round in October.
Founded in 2013, Bending Spoons reported a net income of $27.5 million on revenue of $601 million for the three months ended March 31, compared to a net loss of $112.2 million on revenue of $259 million a year earlier.
Revenue Streams
A large chunk of its revenue comes from recurring subscriptions, providing a more predictable stream of income.
Bending Spoons and some stockholders plan to sell shares in the IPO offering.
IPO Market Trends and Outlook
IPO Flurry in the U.S.
IPO FLURRY
The summer IPO window in the United States is off to a busy start with a flurry of deals pricing over the past week as issuers rushed to get out ahead of SpaceX's impending blockbuster listing.
Foreign firms often pursue a U.S. listing, where tech names tend to command higher valuations.
Expert Commentary
"We're expecting an active summer. The pipeline has been building for years, waiting for these conditions," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs.
"It's valid to question how sustainable this rally is — volatility spikes are still very fresh in memory — but issuers, bankers, and investors will 'dance while the music is playing' knowing that the window can slam shut suddenly."
Bending Spoons: Name, Reach, and IPO Managers
Brand Origin and User Base
Bending Spoons' name is a nod to the fictional concept of bending spoons with the mind, popularized by the Hollywood movie "The Matrix."
The company's products served over 500 million monthly active users and more than 9 million monthly paying customers in March, according to its prospectus.
IPO Bookrunners
Goldman Sachs, J.P. Morgan, and Allen & Co are joint lead bookrunning managers in the IPO.
(Reporting by Arasu Kannagi Basil in Bengaluru and Elvira Pollina in Milan; Editing by Shreya Biswas, Sriraj Kalluvila and Susan Fenton)
