Bending Spoons shares climbed during their Nasdaq debut on Wednesday. The initial public offering valued the Italian tech conglomerate at approximately $19.7 billion. The company priced its shares at $29, exceeding the marketed range of $26 to $28. The listing raised $1.68 billion, marking one of the largest U.S. listings for a European tech firm this year.
The successful debut serves as a key test for investor appetite in the software sector. Bending Spoons grows by acquiring and overhauling underperforming digital brands with large user bases. Its current portfolio includes Evernote, Vimeo, Eventbrite, and AOL. The company restructures these businesses to maximize profitability.