July 1 (Reuters) - Bending Spoons is set for its U.S. market debut later on Wednesday after the Italian technology company priced its initial public offering above ‌the range to raise $1.68 billion.

The listing will test investor appetite for software companies after ‌the industry was hammered earlier this year over fears that AI could disrupt established business models.

Software companies have been ​largely absent from the U.S. IPO market so far in 2026, even as a steady flow of large deals and SpaceX's blockbuster listing pushed second-quarter proceeds past a record-breaking $100 billion.

"It'll definitely be a data point for the software industry, but that may simply be due to the scarcity ‌of deals here. Bending Spoons ⁠has a very different profile compared to most software IPOs in the pipeline," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of ⁠IPO-focused research and ETFs.

Bending Spoons' playbook, a hybrid between private equity and a tech company, focuses on buying and revamping digital businesses by cutting staff and overhauling technology.

Its acquisitions since 2025 include streaming ​platform Brightcove, ​video platform Vimeo, internet brand AOL and ticketing ​marketplace Eventbrite.

The Milan-based company and selling ‌shareholders sold 58 million shares at $29 apiece, above the marketed range of $26 to $28. The IPO valued Bending Spoons at $18.4 billion based on outstanding shares disclosed in its filings.

SERIAL ACQUIRER

Bending Spoons, whose name is inspired by a scene in the science-fiction film "The Matrix," rose from the ashes of failed diary app Evertale in 2013.

The $40,000 left after Evertale's liquidation was used by CEO Luca ‌Ferrari and co-founders to start Bending Spoons. It has ​since become one of Europe's most prominent technology companies.

The ​company has grown through over 50 acquisitions ​and more are likely to follow. Bending Spoons has identified more than ‌1,000 digital businesses that could be attractive ​acquisition targets in the ​future, according to its IPO prospectus.

"It's an interesting story, and they've done a good job creating a cohesive narrative around owning more than 50 businesses. The 'fix it with ​AI' pitch makes sense in ‌theory, though we would have liked to see a longer track record," Kennedy ​said.

Unlike private equity, Bending Spoons does not sell the acquired businesses.

(Reporting by Arasu ​Kannagi Basil in Bengaluru; Editing by Sriraj Kalluvila)