Bending Spoons S.p.A. (Nasdaq: BSP) has filed for an initial public offering of 57.97 million ordinary shares at a proposed price range of $26.00 to $28.00 per share. The offering consists of 34.40 million shares sold by the company and 23.57 million shares sold by existing shareholders. At the midpoint price of $27.00 per share, the offering would raise approximately $1.57 billion and value the company at an approximate market capitalization of $8.8 billion based on 324.98 million ordinary shares outstanding after the offering. The IPO is being led by Goldman Sachs, J.P. Morgan and Allen & Company, with shares expected to trade on the Nasdaq under the ticker BSP.
Founded in 2013, Bending Spoons has evolved from a mobile application developer into one of the world's most active acquirers of digital businesses. The company acquires software, creator economy, productivity, consumer application and digital media assets, then applies a centralized operating framework focused on technology, monetization, product optimization and efficiency improvements. Rather than relying on a single flagship product, Bending Spoons has built a diversified portfolio of digital brands spanning multiple software and media categories.
The company's portfolio includes well-known platforms such as Evernote, Meetup, StreamYard, WeTransfer, Brightcove, Vimeo, Eventbrite, AOL, Komoot, Issuu, Harvest, Loomly, MileIQ and Remini. Through a combination of acquisitions and operational improvements, management has expanded both scale and profitability while transforming underperforming digital assets into cash-generating businesses.
What makes Bending Spoons unique among technology IPOs is its capital allocation strategy. Management views digital businesses as long-term assets that can be acquired, optimized and compounded over time. The company estimates it has identified more than 1,000 potential acquisition targets representing roughly $400 billion of aggregate annual revenue, providing a substantial opportunity set for future growth. This approach has drawn comparisons to serial acquirers in both software and broader business services industries, where disciplined acquisitions and operational execution drive long-term value creation.
Artificial intelligence has become a central component of the company's operating model. Management reports that AI-assisted development has rapidly expanded across the organization, with more than 90% of software pull requests being authored or co-authored by AI during the first quarter of 2026. The company believes AI can accelerate product development, improve operational efficiency, enhance customer acquisition and support the integration of acquired businesses across its portfolio.
Scale has increased dramatically in recent years. Revenue grew from $387.1 million in 2023 to $671.1 million in 2024 and $1.31 billion in 2025, representing growth of approximately 238% over the two-year period. The company now serves more than 500 million monthly active users and over 9 million monthly paying customers across its collection of digital products and services.
Profitability has also expanded alongside revenue growth. Gross profit increased from $236.5 million in 2023 to $857.3 million in 2025, while operating income rose from $84.3 million to $277.9 million. Operating margin remained strong at approximately 21.3% during 2025, demonstrating the company's ability to scale earnings despite integrating numerous acquisitions.
Net income has been more volatile due to acquisition-related financing costs and tax impacts. After generating net income attributable to shareholders of $160.8 million in 2023 and $89.5 million in 2024, the company reported essentially break-even results in 2025 as interest expense increased to $142.6 million following several large acquisitions. While profitability has been pressured by financing costs, the underlying operating business continues to generate substantial cash flow.
Cash generation remains one of the company's strongest financial characteristics. Net cash provided by operating activities increased from $59.2 million in 2023 to $204.9 million in 2024 and $290.6 million in 2025. Cash and cash equivalents totaled approximately $629.9 million at year-end 2025, providing significant liquidity to support future acquisitions and business investments.
At the midpoint valuation of approximately $8.8 billion, Bending Spoons would trade at roughly 6.7x 2025 revenue. Investors are effectively being asked to value the company not only on its existing portfolio of digital assets, but also on management's ability to continue acquiring, integrating and improving businesses at scale. The valuation places Bending Spoons among the larger software and internet IPOs of 2026 and reflects expectations for continued acquisition-driven growth.
Risks include acquisition execution, integration challenges, leverage associated with future transactions, competition for attractive acquisition targets and the complexity of managing a rapidly expanding portfolio of businesses. Investors should also note that the company's dual-class structure will provide founders with substantial voting control following the offering.
Overall, Bending Spoons enters the public markets as a differentiated technology company built around acquiring and improving digital businesses rather than creating a single software platform. With more than $1.3 billion in revenue, strong operating margins, growing cash flow generation and a sizable acquisition pipeline, BSP offers investors exposure to a unique AI-enabled consolidation strategy that has few direct public-market comparisons.