Milan tech firm Bending Spoons picks banks for $20 billion US listing, sources say

• Bending Spoons has lined up six banks (Goldman Sachs, JPMorgan, Allen & Co, Bank of America, BNP Paribas, and Jefferies) for a listing that could value the company at around $20 billion
• The company expects adjusted EBITDA to reach $1.4 billion in 2026, up from $700 million in 2025, driven by its acquisition-based growth model
• CEO Luca Ferrari previously indicated the firm would likely choose a U.S. listing over European markets due to higher valuations typically commanded by tech companies in the U.S.

Summary: Bending Spoons Plans $20 Billion U.S. IPO

Milan-based tech firm Bending Spoons has selected underwriting banks for a potential $20 billion U.S. initial public offering expected in the coming months, according to sources. The company has appointed Goldman Sachs, JPMorgan, Allen & Co, Bank of America, BNP Paribas, and Jefferies to organize the listing, which could occur before summer 2025, subject to market conditions.

Key Financial Metrics:

• Target IPO valuation: approximately $20 billion
• Current valuation: $11 billion (from 2024 funding round)
• Projected 2026 adjusted EBITDA: $1.4 billion
• 2025 adjusted EBITDA: $700 million

Business Model and Assets:

Bending Spoons operates by acquiring and reviving struggling tech companies. Notable acquisitions include:

• AOL
• Vimeo (video platform)
• WeTransfer
• Evernote

The company's name draws inspiration from the film "The Matrix."

Market Context:

CEO Luca Ferrari previously indicated the company would pursue a U.S. listing to benefit from higher technology valuations in American markets compared to Europe. He confirmed readiness to go public in a November 2024 interview.

The IPO timing may be strategically planned to avoid overlap with major trillion-dollar companies planning listings. However, recent trade-related uncertainties and economic disruptions could impact the final timeline.

Sector Implications:

This potential listing represents significant European tech expansion into U.S. capital markets and could test investor appetite for acquisition-driven growth models in the current economic environment. The deal would mark one of the larger tech IPOs if market conditions remain favorable.