Finance

Vaccine vial maker Stevanato raises $672 million in U.S. IPO By Reuters

© Reuters. FILE PHOTO: A medical worker holds a vial of a COVID-19 vaccine in a newly opened mass vaccination centre at the Cecchignola military compound, in Rome, Italy, February 23, 2021. REUTERS/Remo Casilli/

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:), BofA Securities and Jefferies (NYSE:) are the lead underwriters for the offering.

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