Italy’s Bending Spoons, owner of AOL and Vimeo, valued at $20 billion in US market debut
Bending Spoons shares jumped nearly 7% in their U.S. market debut on Wednesday, valuing the Italian technology company at $19.7 billion in a listing closely watched for signs of a broadening recovery in the U.S. IPO market.
The Milan-based company’s stock opened at $31 apiece, compared with the $29 offer price.
The listing tests investor appetite for software companies after the industry was hammered earlier this year by fears that AI could disrupt established business models.
