Bending Spoons raises $1.68bn in IPO priced above range

Bending Spoons, the Milan-based software company behind Vimeo, WeTransfer, and Evernote, has priced its U.S. initial public offering above the marketed range, raising $1.68 billion. The company and existing shareholders, including Baillie Gifford, sold 57.97 million shares at $29 each, according to a statement reported by Bloomberg.

That price sits above the $26 to $28 range the company had been marketing, a clear signal of robust demand for one of the largest European listings this year. The shares are expected to begin trading on the Nasdaq Global Select Market on Wednesday under the ticker “BSP.” The final figure modestly exceeds the roughly $1.62 billion the group had targeted when it set its range in late June.

Bending Spoons is no conventional software house. It operates more like a private-equity firm with an in-house engineering team, acquiring established but underperforming digital products, slashing costs, and running them at scale. Its portfolio spans Evernote, Meetup, Brightcove, Eventbrite, the route-planner Komoot, and the file-transfer service WeTransfer. The company acquired Vimeo last November for about $1.38 billion, folding the video platform into a stable of once-fading consumer brands.

The pattern is consistent across the portfolio. Bending Spoons typically buys a product with a loyal but neglected user base, then rebuilds its cost structure and pricing before moving on to the next target. Founded in 2013, the group has grown from a small mobile-app studio into one of the most acquisitive names in European software.

The financials behind the listing are unusually steep for a company of its age. Revenue rose from $387 million in 2023 to $671 million in 2024, then to $1.31 billion in 2025, a compound annual growth rate that TNW previously put at around 84 percent. That trajectory is the crux of the pitch to public investors. The model depends on squeezing profit from acquired products faster than they decline, and on financing the next purchase with the returns.

The debut has been closely watched as a barometer for European tech going public in the U. S. rather than at home. US listings have staged something of a rebound this year, and Bending Spoons is one of the larger European names to test that window. An above-range pricing suggests the reception has been warm, at least among the institutions that took part in the book-building.

Bending Spoons had originally filed for its Nasdaq IPO after reporting 2025 revenue of $1.31 billion and a reported valuation target near $20 billion. When it set terms, the group priced the offering at up to $1.62 billion, aiming at a valuation of roughly $19 billion on the low end of the range. Pricing above that range nudges the implied valuation higher, although the company has not published a single headline figure at the final price.

The choice of New York over a European exchange is itself part of the story. It echoes a wider drift of continental startups towards deeper US capital markets, a trend flagged by BNP Paribas on the US IPO pipeline. For Italy in particular, the listing is a rare marquee moment. Bending Spoons is among the most valuable technology companies the country has produced.

The presence of Baillie Gifford among the selling shareholders points to the sort of long-horizon institutional money the group has courted. A successful float would give Bending Spoons a public currency for future acquisitions, the lifeblood of its roll-up strategy. It also hands early backers a liquidity event after years of aggressive dealmaking financed largely through debt and private capital.

The real test comes once trading opens. An above-range pricing signals appetite, but the aftermarket will decide whether investors buy the roll-up thesis or treat the numbers as a growth rate that cannot last. Either way, the ticker BSP now gives European tech watchers a listed proxy for one of the sector’s most distinctive business models.