Clever, shitty numbers and they decide to IPO at the peak of the "actually SaaS is worthless" hype. I wish them the worst, considering their business model.

In Italy they are really frowned upon by developers. They add 0 value. And it's not like "Oh, VC firms add 0 value to companies they acquire", this is really messed up.

So roughly $100m/year profit(edit). They are looking for a 20Bn valuation but interest rates are at 5%? How does any of this make any sense? That or we are in a real bubble.

You're mixing up the numbers. Their annual run rate is $2.4 billion. Revenue grew 140% YoY. That's an 8x sales multiple on good growth. The valuation is not egregious.

Sorry I meant profit. On a 5% interest, you get 1bn (pure profit with no risks) per year for a 20bn of capital. Their revenue grew 140% YoY but does that account for new acquisitions? Also, their profit needs to grow x10 in order to match bonds. It may have made sense in a 0% interest rate world but not at 5.

It's a business model that's like a shark: perpetually swimming and eating or it's dying. That's how they can show big increases in revenue, but the profits are always decaying along with the products.