On July 5, 2026, Milan‑based Bending Spoons listed on Nasdaq, raising $1.68bn and sending shares up 40% on debut. The deal values the company at just under $23bn.

The conglomerate grew through roughly 50 acquisitions, most recently owning Evernote after a controversial overhaul that cut the US workforce and changed the product. Bending Spoons’ model buys distressed internet firms using debt, restructures them, and aims for earnings growth instead of a sale.

The IPO attracted investors like Baillie Gifford and drew attention because the company carries about $4.4bn of debt and limited financial transparency. Analysts note that the lack of disclosure and high leverage raise concerns for lenders and regulators, potentially tightening credit terms.

For investors, the deal signals a willingness to back high‑growth, distressed‑asset firms, but also a warning that leverage can amplify risk. Business leaders may look to the Bending Spoons playbook for turnaround tactics, yet must balance aggressive restructuring with sustainable governance.