Bending Spoons, an Italian tech firm focused on acquiring and revamping digital businesses, filed for a US initial public offering on Monday, as a busy summer IPO window takes shape.
A listing of the company, which bought storied internet brand AOL and ticketing marketplace Eventbrite this year, could value it at around $20 billion, Reuters had reported in April.
"We see a vast opportunity ahead. We've identified more than 1,000 digital businesses (both private and public) that could be attractive acquisition targets in the future," Bending Spoons CEO Luca Ferrari wrote in a letter attached to the IPO prospectus.
The Milan-based company was valued at $11 billion in a funding round in October.
Founded in 2013, Bending Spoons reported a net income of $27.5 million on revenue of $601 million for the three months ended March 31, compared to a net loss of $112.2 million on revenue of $259 million a year earlier.
A large chunk of its revenue comes from recurring subscriptions, providing a more predictable stream of income. Its portfolio includes file-sharing service WeTransfer and video platform Vimeo.
Bending Spoons and some stockholders plan to sell shares in the offering.
The summer IPO window is off to a busy start with a flurry of deals pricing over the past week as issuers rushed to get out ahead of SpaceX's impending blockbuster listing.
"We're expecting an active summer. The pipeline has been building for years, waiting for these conditions," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs.
"It's valid to question how sustainable this rally is - volatility spikes are still very fresh in memory - but issuers, bankers, and investors will 'dance while the music is playing' knowing that the window can slam shut suddenly."
Foreign firms often pursue a U.S. listing, where tech names tend to command higher valuations.
The company's name is a nod to the fictional concept of bending spoons with the mind, popularized by the Hollywood movie "The Matrix."
Bending Spoons' products served over 500 million monthly active users and more than 9 million monthly paying customers in March, according to its prospectus.
Goldman Sachs, J.P. Morgan, and Allen & Co are joint lead bookrunning managers. Bending Spoons will list on the Nasdaq under the symbol "BSP."
