We report a characterization of the high-pressure behavior of zinc iodate, $\mathrm{Zn}{(\mathrm{I}{\mathrm{O}}_{3})}_{2}$. By the combination of x-ray diffraction, Raman spectroscopy, and first-principles calculations we have found evidence of two subtle isosymmetric structural phase transitions. We present arguments relating these transitions to a nonlinear behavior of phonons and changes induced by pressure on the coordination sphere of the iodine atoms. This fact is explained as a consequence of the formation of metavalent bonding at high pressure which is favored by the lone-electron pairs of iodine. In addition, the pressure dependence of unit-cell parameters, volume, and bond distances is reported. An equation of state to describe the pressure dependence of the volume is presented, indicating that $\mathrm{Zn}{(\mathrm{I}{\mathrm{O}}_{3})}_{2}$ is the most compressible iodate among those studied up to now. Finally, phonon frequencies are reported together with their symmetry assignment and pressure dependence.