Bending Spoons SpA (BSP), the Italian technology company, saw its stock soar 6.90% during intraday trading on Wednesday, following its highly anticipated initial public offering on the Nasdaq.
The company priced its IPO at $29 per share, above the marketed range of $26 to $28, raising $1.68 billion. Strong investor demand was evident pre-market, with indications pointing to an opening price of around $32 to $33, significantly above the offer price. The listing, which values the company at over $18 billion, is seen as a key test of market appetite for software companies.
Bending Spoons has grown through a strategy of acquiring and revamping digital businesses, including well-known brands such as AOL, Vimeo, Eventbrite, and Brightcove. Investor confidence was further signaled by existing shareholder Tamburi Investment Partners' decision to retain a stake of approximately 2.5% post-IPO.