Earlier this year, shares of traditional SaaS companies tumbled amid investor fears that software built with AI could eventually displace those businesses. Despite such concerns, Bending Spoons, a company that acquires and revitalizes stagnating but well-known tech firms, saw its shares surge in its market debut.
It closed at $40.50 on Wednesday, nearly 40% above its $29 IPO price. At that price, the 13-year-old Milan, Italy-based company has a market capitalization of $25.7 billion, more than double its last private valuation of $11 billion. The company raised $1.68 billion in its offering.
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