Vimeo owner Bending Spoons seeks $1.62 billion US IPO, sources say

By Echo Wang

NEW YORK, June 22 (Reuters) - Bending Spoons, an Italian exertion institution that acquires and revamps bundle businesses, is seeking to rise arsenic overmuch arsenic $1.62 cardinal successful a U.S. archetypal ‌public offering, according to 2 radical acquainted with the matter, successful what would beryllium 1 ‌of the largest IPOs by a European institution this twelvemonth and a uncommon listing by a large bundle firm.

The Milan-based institution plans to marketplace ​58 cardinal IPO shares astatine $26 to $28 apiece, the radical said, speaking connected information of anonymity due to the fact that the accusation is confidential up of a filing with the U.S. Securities and Exchange Commission expected aboriginal connected Monday. About 60% of the IPO shares are expected to beryllium sold by the company, with the remainder coming from existing shareholders, including ‌Baillie Gifford, who are acceptable to ⁠sell banal successful the offering, the radical added.

At the apical of the range, Bending Spoons would person a valuation of $19 billion, 1 of the sources said. The institution is ⁠targeting an early-July debut for the IPO, different idiosyncratic added.

Bending Spoons declined to comment. Baillie Gifford did not instantly respond to a petition for comment.

The woody comes arsenic the U.S. marketplace for archetypal nationalist offerings has regained momentum aft ​a ​prolonged slowdown. SpaceX's blockbuster debut earlier this month, the largest ​IPO connected record, followed Cerebras Systems's listing ‌earlier this year, reflecting a pickup successful enactment among high-profile exertion offerings.

Companies person raised a combined $150 cardinal done 179 U.S. IPOs truthful acold this year, the strongest commencement to a twelvemonth since 2021, according to Dealogic.

Bending Spoons' listing would besides trial capitalist appetite for bundle companies, a assemblage that has produced comparatively fewer ample IPOs successful caller years arsenic artificial quality reshapes concern models and intensifies competition.

Founded successful 2013, Bending Spoons acquires and ‌operates integer businesses. Its portfolio includes video level Vimeo and file-sharing ​service WeTransfer. It besides acquired net marque AOL and ticketing ​marketplace Eventbrite this year.

The institution reported nett income ​of $27.5 cardinal connected gross of $601 cardinal for the 3 months ended March 31, compared ‌with a nett nonaccomplishment of $112.2 cardinal connected gross ​of $259 cardinal a twelvemonth earlier, ​according to a filing with the SEC earlier this month.

The institution raised $710 cardinal successful precocious 2025 successful a backing circular that valued the institution astatine $11 cardinal earlier the investment, the Italian tech radical said ​last year.

Goldman Sachs Group, JPMorgan Chase ‌and Allen & Co are starring the offering. The shares are expected to commercialized connected the Nasdaq ​Global Select Market nether the ticker awesome "BSP."

(Reporting by Echo Wang successful New York, further reporting ​by Elvira Pollina successful Milan; Editing by Sanjeev Miglani)