PIOMBINO DESE, Italy - Stevanato Group S.p.A. (NYSE: STVN), a prominent provider of drug containment and delivery solutions, has announced the pricing of its upsized public share offering at $26 per share. The offering includes 12,700,000 ordinary shares, with half being sold by the company and half by Stevanato Holding S.r.l., a major shareholder.
The total gross proceeds are anticipated to reach approximately $330 million before deductions. Additionally, underwriters have a 30-day option to purchase up to 1,905,000 extra shares at the same terms.
The company aims to allocate the net proceeds from its portion of the offering towards general corporate purposes, including investment activities and working capital needs. Stevanato Group will not benefit financially from the shares sold by Stevanato Holding.
The offering is scheduled to close on March 26, 2024, contingent upon customary closing conditions. Morgan Stanley and William Blair are leading the underwriting team, with BofA Securities, Citigroup, and KeyBanc Capital Markets also participating as joint book-runners.
This move comes as part of an automatic shelf registration statement filed with the SEC on March 20, 2024, and the shares will be offered via a prospectus supplement and accompanying prospectus. The transaction is subject to regulatory compliance and is not an offer to sell or a solicitation of an offer to buy in any jurisdiction where such actions would be unlawful.
Stevanato Group, founded in 1949, services the pharmaceutical, biotechnology, and life sciences sectors with its comprehensive suite of products and engineering solutions, supporting clients throughout the drug lifecycle.
The information for this article is based on a press release statement from Stevanato Group S.p.A.
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