Bending Spoons Jumps 40% in Nasdaq Debut as $1.68 Billion IPO Defies SaaS Slump
Updated
Updated · TechCrunch · Jul 1
Bending Spoons Jumps 40% in Nasdaq Debut as $1.68 Billion IPO Defies SaaS Slump
3 articles · Updated · TechCrunch · Jul 1
Summary
$40.50 was Bending Spoons' closing price on its first trading day, nearly 40% above its $29 IPO price and valuing the Milan-based company at $25.7 billion.
$1.68 billion raised in the offering came as investors backed its model of buying stalled tech brands such as AOL, Evernote and Vimeo, then restoring profitability through cost cuts, new features and price increases.
$601 million in first-quarter revenue and $27.4 million in net income helped support that case, a sharp reversal from a $112 million net loss on $259 million in revenue a year earlier.
84% of last year's revenue came from subscriptions, underscoring why the stock's strong debut stood out even as traditional SaaS shares have slumped on fears AI-built software could displace incumbents.