Stevanato Group, an Italian supplier of glass vials, syringes, and other pharmaceutical containers, announced terms for its IPO on Wednesday.
The Padua, Italy-based company plans to raise $900 million by offering 40 million shares (30% secondary) at a price range of $21 to $24. At the midpoint of the proposed range, Stevanato Group would command a market value of $6.8 billion.
Stevanato Group is a leading provider of glass and plastic drug containment, drug delivery, and diagnostic solutions to the pharmaceutical, biotechnology, and life sciences industries. The company delivers an integrated, end-to-end portfolio of products, processes, and services across the entire drug life cycle. Stevanato Group serves more than 700 companies globally, including 41 of the top 50 pharmaceuticals and 8 of the top 10 in-vitro diagnostic companies.
Stevanato Group was founded in 1949 and booked $844 million in sales for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol STVN. Morgan Stanley, BofA Securities, Jefferies, Citi, UBS Investment Bank, KeyBanc Capital Markets, Wells Fargo Securities, and William Blair are the joint bookrunners on the deal. It is expected to price during the week of July 12, 2021.
