Stevanato Group, an Italian supplier of glass vials, syringes, and other pharmaceutical containers, raised $672 million by offering 32 million shares (70% primary) at $21, the low end of the range.
It previously planned to sell 40 million shares (70% primary) at a range of $21 to $24. At the $21 offer price, Stevanato commands a market value of about $6.3 billion.
Controlled by the founding Stevanato family, the profitable company is a leading provider of glass and plastic drug containment, drug delivery, and diagnostic solutions to pharma, biotech, and life sciences companies, supplying more than 700 customers globally, including 41 of the top 50 pharmaceuticals.
The Padua, Italy-based company 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 acted as joint bookrunners on the deal.
