Bending Spoons, an Italian company specializing in acquiring and restoring underperforming technology firms, achieved a landmark public offering on Wednesday with shares climbing roughly 40% above their initial price. The debut valued the firm at $25.7 billion—more than double its previous private valuation—and raised $1.68 billion despite industry headwinds over artificial intelligence's potential threat to traditional software companies.

The company's track record supports investor confidence: its portfolio of rescues including AOL, Eventbrite, Evernote, Meetup, and Vimeo has demonstrated strong recovery potential. First-quarter financials reveal the scale of the turnaround—$601 million in revenue with $27.4 million in net profit, a striking reversal from the prior year's $112 million loss. The business model differs from conventional private equity through its long-term retention strategy; rather than preparing assets for sale, Bending Spoons maintains permanent ownership, with subscription services providing the majority of its revenue stream.