Stevanato to raise 672 million with its Wall Street IPO

MILAN, July 16 (Class Editori) -- Today Stevanato will join the other 16 Italian companies listed in the US since this afternoon the Group will debut on the NYSE. Yesterday the multinational which produces glass vials for the pharmaceutical industry priced 32 million shares at 21 dollars each, a valuation which exceeds 20 times 2022 EBITDA. Therefore, the overall capital increase will amount to 672 million, a result that makes Stevanato rank third in the list of Italian IPOs in the US, after Enel (17.4 billion dollars) and Ferrari (982 million).

However, the value of the placement is lower than originally planned, since the company founded by Sergio Stevanato intended to place 40 million shares at indicated price range of 21 to 24 dollars. The IPO values Stevanato at 6.3 billion dollars. Morgan Stanley, BofA Securities and Jefferies are the lead underwriters for the offering, while Houlihan Lokey was the financial advisor.

The Padua-based firm provides glass vials and syringes to approximately 90% of currently marketed vaccine programs. In fact, in the first three months of 2021 alone, Stevanato reported sales worth 193 million euros and net income of 36.6 million, i.e., about 43 million dollars, five times the amount reached in the same period of 2020, accounting for 7.2 million.

(Source:Class Editori)

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