July 15, 2021

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, BofA Securities and Jefferies are the lead underwriters for the offering.

(Reporting by Echo Wang; Editing by Cynthia Osterman)

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