A date for the Ermenegildo Zegna Group’s first day of trading has been set.
Last week, the Italian men’s wear group and Investindustrial Acquisition Corp. said they had agreed “with certain large institutional and other investors” on an additional private investment in a public equity facility of up to $125 million “to accommodate most of the demand.”
This step was agreed upon following “private inquiries from several investors” that have expressed interest in the business combination between IIAC and Zegna. IIAC has raised total gross proceeds of $402.5 million in its IPO. The new PIPE facility is in addition to the $250 million PIPE facility and the 184.5 million euros forward purchase arrangement with an affiliate of IIAC revealed last July.
The IPO is expected to allow Zegna to further expand globally and continue to build its manufacturing pipeline through acquisitions. The Zegna family will continue to control the company with a stake of about 62 percent. Investindustrial will have an 11 percent stake and 27 percent would be free floating. Based on the transaction value, the merged entity will have an anticipated initial enterprise value of $3.2 billion. which will result in the label being known simply as Zegna.
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