Ipo Ermenegildo Zegna in New York, Andrea C. Bonomi confirms: listing within the year on Wall Street
“Ermenegildo Zegna’s IPO in New York is expected by the end of the year. We raised about $ 900 million in total by creating in the United States the largest Spac for the European market, because I believe that the US remains the best showcase for important and international realities and luxury investors know this well ”.
To say it, Andrea Bonomi, president of Investindustrial, in an interview with Sole 24 Ore, adding that “the interest in the Zegna group it was very high and the amount raised by the Pipe proves it. We got $ 250 million in additional funding on top of the initial budget, far beyond what we had imagined. I think it is important for highly globalized Italian brands to find an easy way to reach out to international investors and the Spac, like the one conceived by us in this case, may be the most suitable tool, especially in a market like the US which remains the preferred way to obtain maximum visibility “.
However, Bonomi leaves no room for compliments and is critical: “80% of Spac it didn’t have to be done, so many will disappear. The Spac will follow the same development and the same selection that the market for high yield. Investment banks will no longer be willing to sell anything. There will be a natural selection and those that remain on the market will be the most valid ”.
“Businesses no longer need only to do Hypo, because there is someone willing to invest also in the private market and is professional, institutional and has liquidity. And the valuations are almost identical ”, he explains. The exit market is also more open than other periods: “the market is good in the sense that all exits are open: bag, Spac, private equity. However, the right exit is not always chosen, because the only driver is still the value.
The exit, for example through the sale to another private equity fund, requires the choice of the right investor, who can continue on the path of growth of the company. Certainly the private market in Italy cannot support large companies to make them grow like Google or Apple. To make that leap there is therefore a need to go to the stock exchange, Points out number one of Investindustrial, which lately with its teams is focusing more and more on a Made in Italy in the name of innovation and technology. According to Bonomi, “It is a time of great desire for investment, which is becoming progressively more courageous and less financial. We are at the center of an expansion that has lasted for years and is something we have never seen, ”he concludes.
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