Bending Spoons, the Milan-based parent company of Vimeo, Evernote, and WeTransfer, has filed for a U.S. initial public offering. The firm plans to list on the Nasdaq under the ticker "BSP."
The company reported net income of $27.5 million on revenue of $601 million for the quarter ending March 31, a sharp reversal from a net loss of $112.2 million on revenue of $259 million a year earlier.
The summer IPO window is heating up, with issuers rushing to market ahead of SpaceX's anticipated blockbuster listing. Matt Kennedy, senior strategist at Renaissance Capital, noted, "It's valid to question how sustainable this rally is... but issuers, bankers, and investors will 'dance while the music is playing.'"
The listing could value Bending Spoons at approximately $20 billion, according to Reuters. The firm has built a portfolio of iconic digital brands through acquisitions. Its business model relies heavily on recurring subscriptions, which provide predictable revenue.
Goldman Sachs, J.P. Morgan, and Allen & Company are leading the offering as global coordinators and joint bookrunners.