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