Bending Spoons, a technology company headquartered in Milan whose name draws inspiration from the Hollywood film The Matrix, has picked a set of banks to steer a possible U.S. initial public offering that could be priced at about $20 billion, two people close to the matter said.
According to those sources, the bank group assembled for the contemplated listing includes Goldman Sachs, JPMorgan, Allen & Co, Bank of America, BNP Paribas and Jefferies. The individuals spoke on condition of anonymity because the planning is sensitive.
The proposed offering is expected to take place within the coming months, the sources added, with one noting it could occur before the northern hemisphere summer if market conditions allow. Company representatives at Bending Spoons and the named banks did not provide comments when contacted; representatives for Allen & Co and Bank of America did not immediately respond to requests for comment, according to the sources.
Growth strategy and recent deals
Bending Spoons has expanded its footprint through a series of acquisitions. The company last year acquired the web portal AOL and has added a number of technology assets to its portfolio, including the video platform Vimeo and the file-sharing app WeTransfer, as well as Evernote. A funding round completed last year placed the company's valuation at about $11 billion.
Chief Executive Luca Ferrari has indicated the company is prepared to list publicly. In remarks made in November, Ferrari said the firm could go public as soon as this year, while stopping short of committing to a firm timetable. Earlier comments from the chief executive indicated a preference for a U.S. listing should Bending Spoons pursue an IPO, on the grounds that U.S. markets often afford higher valuations for technology companies.
Financial outlook and market context
Management projects significant adjusted earnings growth in the midterm. Ferrari has set expectations for adjusted earnings before interest, taxes, depreciation and amortisation to reach $700 million in 2025 and to increase to $1.4 billion in 2026, figures he disclosed in November.
The proposed IPO would come at a time when markets are anticipating a surge in public listings, potentially making the year notable for IPO activity. However, the sources cautioned market uncertainty and the economic impact of the Iran war could disrupt some plans. The company is also said to be mindful of timing its market debut to avoid clashing with major, high-profile listings that could overlap on investor calendars, with names such as SpaceX cited as examples of potential timing conflicts.
Outlook
For now, Bending Spoons appears to be advancing formal preparations by assembling a syndicate of banks while remaining attentive to market conditions and geopolitical risks. The coming months will determine whether the company moves ahead with a U.S. listing at a valuation around $20 billion or adjusts its timetable in response to market developments.