MILAN, July 19, 2026, 18:13 CEST
- Shares ended Friday at $32.40, falling 1.5% over the week.
- The stock is currently trading 11.7% above its IPO price, though it is still 20% lower than its closing price on its first trading day.
- The initial EV-to-2026 adjusted EBITDA ratio is 16.6 times. In the first quarter, interest expenses consumed 77.5% of operating income.
Bending Spoons has given up 70.4% of the dollar premium it gained during its initial trading day. U.S. markets did not open on Sunday.
Shares closed at $32.40 on Friday, trading $3.40 above the $29 offer price, down from a premium of $11.50 recorded on July 1.
The stock declined 1.5% for the week, outperforming the Nasdaq’s 2.9% drop. Shares are still 20% lower than their $40.50 debut close.
The retreat moves the investor focus from scarcity to cash conversion. Initial enterprise value stands at 16.6 times the earlier projected 2026 adjusted EBITDA.
The valuation adjustment is shown below.
| Reference point | Share price | Equity value | Enterprise value | EV/2026 adjusted EBITDA* |
|---|---|---|---|---|
| IPO price | $29.00 | $18.4 billion | $21.1 billion | 15.1x |
| July 1 close | $40.50 | $25.7 billion | $28.4 billion | 20.3x |
| July 17 close | $32.40 | $20.6 billion | $23.3 billion | 16.6x |
The calculations are based on 635.2 million shares after the offering and pro forma net debt of $2.68 billion. The denominator refers to Chief Executive Luca Ferrari’s earlier $1.4 billion 2026 projection. Data are preliminary and do not include subsequent changes to the balance sheet.
Measured on a constant net-debt basis, Friday’s enterprise value was 10.2% higher than at the IPO. The initial spread stood at 34.6%.
The earnings composition highlights why leverage is significant. First-quarter revenue surged 132% to $601.3 million, driven primarily by acquisitions. Organic growth reached 6%.
Operating income totaled $120.2 million. Interest expense amounted to $93.2 million, accounting for 77.5% of operating income. Net income stood at $27.5 million.
The 2025 unaudited pro forma account reflects a comparable strain. Interest expense accounted for 72.4% of $508.8 million in operating income. Revenue totaled $2.61 billion. Net income stood at $22.4 million.
Ferrari informed Reuters that the company had found “over 1,000 companies” to be suitable targets. “We’re very active,” he stated. Reuters
The offering generated approximately $933 million in net proceeds to be used for acquisitions and general corporate needs. According to the prospectus, there was no binding material acquisition agreement at the time of pricing.
Existing shareholders held 90.9% of shares after the base offering. Trading volume on Friday stood at 1.22 million shares, down 93% from turnover on debut day.
Renaissance Capital strategist Matt Kennedy said investors “would have liked to see a longer track record.” The issue is now joined by concentrated ownership and a substantial target list. Reuters
Over 80 S&P 500 companies are scheduled to report in the coming week. Major technology results could influence risk sentiment following Friday’s chip-driven decline.
Leverage and execution continue to present concentrated risks. Increased rates, integration setbacks or softer cash flow may restrict liquidity and hinder acquisitions.
The price adjustment has eliminated much of the initial debut premium. The upcoming challenge is to turn acquired revenue into cash after accounting for interest.
