Italian acquisition vehicle Glenalta Food has successfully completed an initial public offering that raised EUR80m (US$85.9m), which will be used to fund future M&A in the Italian food sector. 

Glenalta, a special purpose acquisition company focused on the food sector, started trading on the AIM section of the Italian stock exchange this week following the placement of 8m shares and 4.13m warrants. The IPO is the largest ever on the AIM market, Glenalta stressed in a statement. 

The group said it will used proceeds from the offering to fund mergers with "one or more” target company. "Glenalta Food aims to identify, within approximately the next 18 months... the target company with which [it will] realize the business combination and to direct, to this end, its investment activities mainly towards Italian, medium-sized, unlisted, high growth potential companies operating at national and international level."