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

In Rome, Italy, on February 23, 2021, a medical worker handles a vial of COVID-19 vaccine in a recently opened mass vaccination center at the Cecchignola military compound. NEW YORK, July 15 (Reuters) – REUTERS/Remo Casilli/NEW YORK, July 15 (Reuters) – On Thursday, Stevanato Group S.p.A., an Italian manufacturer of glass vials for COVID-19 vaccines and other healthcare goods, raised $672 million in a smaller initial public offering. Stevanato stated in a statement that it priced 32 million shares at $21 each, down from 40 million shares at an indicated price range of $21 to $24 previously. Stevanato is valued at $6.3 billion in the IPO. The Padua-based company was founded in 1949 as Soffieria Stella, a speciality glass maker that was the precursor to the medical packaging industry, by billionaire Sergio Stevanato. According to a filing with the Securities and Exchange Commission, Stevanato supplies glass vials and syringes to over 90% of currently marketed vaccine programs. After purchasing a key packaging company in Slovakia in 2015, the company began its international expansion. On Friday, Stevanato will begin trading on the New York Stock Exchange under the symbol “STVN.” The offering’s main underwriters are Morgan Stanley, BofA Securities, and Jefferies. Echo Wang contributed reporting, and Cynthia Osterman edited the piece. The Thomson Reuters Trust Principles are our standards./nRead More