PIOMBINO DESE, Italy – Stevanato Group SpA (NYSE: STVN), a renowned provider of drug storage and delivery solutions, announced the pricing of its upsized public offering at $26 per share. The offer includes 12,700,000 ordinary shares, half of which will be sold by the company and half by Stevanato Holding Srl, the main shareholder.
Total gross proceeds are expected to reach approximately $330 million before deductions. In addition, the underwriters have a 30-day option to purchase up to an additional 1,905,000 shares under the same terms.
The Company seeks to use the net proceeds from its portion of the offering for general corporate purposes, including investing activities and working capital needs. Stevanato Group will not receive any financial benefit from the shares sold to Stevanato Holding.
The offering is expected to close on March 26, 2024, subject to 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 bookrunners.
The move is part of an automatic shelf registration statement filed with the SEC on March 20, 2024, and the shares will be offered through a prospectus supplement and accompanying prospectus. The transaction is subject to regulatory requirements and does not constitute an offer to sell or the solicitation of an offer to buy in any jurisdiction where such conduct would be unlawful.
Stevanato Group, founded in 1949, serves the pharmaceutical, biotechnology and life sciences sectors with a full range of products and engineering solutions, supporting customers throughout the drug lifecycle.
The information for this article is based on the press statement of Stevanato Group SpA.
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