Vaccine Vial Maker Stevanato Raises $ 672 Million In U.S. IPO

NEW YORK, July 15 (Reuters) – Stevanato Group SpA, an Italian manufacturer of glass vials for COVID-19 vaccines and other health products, on Thursday raised $ 672 million in a reduced initial public offering.

Stevanato said in a statement that he is pricing 32 million shares at $ 21 per share, compared to his previous plan of 40 million shares in a stated 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 maker who was the forerunner of the medical packaging company.

Stevanato supplies glass vials and syringes to about 90% of currently marketed vaccination programs, the company said in a filing with the Securities and Exchange Commission.

The company started its international expansion in 2015 after purchasing a primary packaging company in Slovakia.

Stevanato will be listed on the New York Stock Exchange under the symbol “STVN” on Friday.

Morgan Stanley, BofA Securities and Jefferies are the main underwriters of the offer.

Echo Wang report; Editing by Cynthia Osterman

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