Constellation Software IPO (2006)
Canadian firm Constellation Software went public in Toronto. Led by Mark Leonard, it buys small vertical-market software companies and holds them forever, rarely selling.
The stock listed quietly and drew little attention outside Canada.
Constellation became one of the best-performing stocks of its era, compounding through hundreds of acquisitions and turning early holders into large gains.
It is the clearest public template for Bending Spoons' hold-forever, serial-acquirer model, and shows the strategy can reward public investors over years.
