An Italian technology company that specializes in turning around struggling businesses is moving forward with plans for a massive stock market debut in the United States, according to sources familiar with the situation.
Bending Spoons, headquartered in Milan and named after a reference from the film “The Matrix,” has selected several major investment banks to handle what could be a $20 billion initial public offering, two individuals with knowledge of the plans revealed.
The company has chosen Goldman Sachs, JPMorgan Allen & Co, Bank of America, BNP Paribas and Jefferies to organize the potential listing, according to one source.
Industry insiders suggest the public offering could assign a valuation of approximately $20 billion to the company. The sources requested anonymity due to the confidential nature of the discussions.
The stock market launch is anticipated within the next several months, with one source indicating it might occur before the start of summer in the northern hemisphere, depending on how financial markets perform.
When contacted for comment, Bending Spoons, Goldman Sachs, JP Morgan, BNP Paribas and Jefferies all declined to provide statements. Representatives from Allen&Co and Bank of America did not respond immediately to requests for comment.
The technology firm has expanded its operations by purchasing other tech companies, including video platform Vimeo and applications WeTransfer and Evernote. These acquisitions helped boost the company’s valuation to roughly $11 billion during a funding round conducted last year.
During a November interview with Reuters, Chief Executive Luca Ferrari indicated the company was prepared for a public listing and suggested it might happen within this year, though he avoided making firm commitments to any specific timeline.
Ferrari had previously stated that if Bending Spoons moved forward with an IPO, it would likely choose to list on U.S. exchanges, pointing to the typically higher valuations that technology companies receive in American financial markets.
Financial markets are anticipating numerous IPOs in what could become a record-breaking year, though uncertainty and economic disruption from the Iran conflict might affect some companies’ plans.
According to sources, Bending Spoons may also try to schedule its listing to avoid competing with some trillion-dollar companies that are also planning to go public, such as SpaceX.
Ferrari shared with Reuters in November that the company projected its adjusted earnings before interest, taxes, depreciation and amortization would climb to $1.4 billion by 2026, up from an expected $700 million in 2025.
