Bending Spoons: the share price falls by 10 per cent but remains above the placement price
The performance of the Nasdaq and the usual profit-taking are weighing on the Italian company’s shares
Twenty-four hours after its triumphant debut on the Nasdaq, Bending Spoons is coming to terms with market realities. Shares in the Milan-based company, which had closed its first trading session on Wednesday at $40.50 – up 39.7 per cent on the offer price – opened lower and went on to lose around 10 per cent over the course of the day. This is a significant move, but one that must be put into perspective. For whilst it is true that even at current prices, the shares of the company led by Luca Ferrari are worth around 26 per cent more than the $29 set for the initial public offering.
But why have the shares fallen so much? Well, perhaps the most obvious explanation is profit-taking. Those who bought in at the market open – when the share price opened at $31 and then surged towards the close – made a profit of nearly 40 per cent in just a few hours. After all, Wednesday’s close had pushed the market capitalisation to $25.7 billion, more than double the $11 billion of the last private valuation, set in October 2025 following a $710 million funding round. Such a wide gap between the value recognised by the private market just a few months ago and that reflected by the share price on the first trading day probably made a correction almost inevitable. It is also the classic pattern for new listings that surge sharply on their debut, with the enthusiasm of the first day giving way to the search for an equilibrium price.
It must be said that the broader context also plays a part. The entire Nasdaq traded in negative territory, with investors focused on the US June jobs report. And for a newly listed share, lacking a trading history and by its very nature more volatile, the impact of a day of risk aversion on the technology sector is amplified. All this without forgetting a calendar factor: on Friday 3 July (today), Wall Street is closed for the Independence Day holiday, and pre-holiday trading sessions tend to see lower volumes and more pronounced price swings.
In short, Bending Spoons is very likely to find its footing on the US markets in the coming weeks. It has been an extremely positive debut, which has immediately placed the company amongst the twenty most valuable Italian companies on the stock market.
