Zegna sees successful first day on NYSE

Zegna had a stupendous opening day on the NYSE. Shares began trading under the ticker ZGN just after 9:30 a.m. at 10 dollars and 30 cents and closed up 4.2 percent to 10.74 cents after a 9.9 percent jump earlier that same day, with shares reaching 11 dollars and 32 cents. At the time of this story, Zegna is trading at 12 dollars and 5 cents per share.

Zegna’s decision to list on the NYSE came after they entered a business agreement with Investindustrial Acquisition Corp. The Zegna family will still retain 66 percent ownership in the company. Investindustiral has a stake of 13 percent, and about 21 percent is free floating.

The merger gives the company an enterprise value of 3.1 billion dollars with a market capitalization of 2.4 billion dollars. The IPO launch came as America is dealing with a surge in COVID-19 cases, and while crises such as those would send the market into a tailspin, Zegna seems to be performing well, although it’s early in its launch.

Zegna is currently focused on expanding its categories and adding more casual pieces and accessories. Earlier this year, Zegna demonstrated its continued momentum, delivering strong sales and profitability for the first half of 2021, with revenues up 50 percent year-over-year. The Group’s ongoing growth in the luxury leisurewear segment, as well as its resonance with a new generation of customers, uniquely positions it for long-term success.