Vaccine vial maker Stevanato raises $672 million in U.S. IPO
Reuters
Published Jul 15, 2021 07:31PM ET
Updated Jul 15, 2021 07:56PM ET
By Echo Wang
NEW YORK (Reuters) - Stevanato Group S.p.A., an Italian maker of glass vials for COVID-19 vaccines and other healthcare products, raised $672 million in a downsized initial public offering on Thursday.
Stevanato said in a statement it priced 32 million shares at $21 per share, compared to its previous plan of 40 million shares at indicated price range of $21 to $24.
The IPO values Stevanato at $6.3 billion.
Founded by billionaire Sergio Stevanato, the Padua-based company started in 1949 as Soffieria Stella, a specialty glass manufacturer that was the precursor to the medical packaging company.
Stevanato provides glass vials and syringes to approximately 90% of currently marketed vaccine programs, the company said in a filing with the Securities and Exchange Commission.
The company started its international expansion in 2015 after the purchase of a primary packaging company in Slovakia.
Stevanato will list on the New York Stock Exchange under the symbol "STVN" on Friday.
Morgan Stanley (NYSE:MS), BofA Securities and Jefferies (NYSE:JEF) are the lead underwriters for the offering.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.