Stevanato Group announced today that the underwriters of its recently completed initial public offering purchased more than 1 million additional shares.
The option exercised by the underwriters saw the acquisition of an additional 1,018,280 ordinary Stevanato Group shares at $21 per share.
Piombino Dese, Italy–based Stevanato Group’s IPO resulted in net proceeds of approximately $453.5 million after deducting underwriting discounts and commissions, along with other estimated offering expenses. The selling shareholders will receive the remaining net proceeds, according to a news release.
Morgan Stanley, BofA Securities and Jefferies acted as lead book-running managers for the offering. Citigroup, UBS Investment Bank, KeyBanc Capital Markets, Wells Fargo Securities and William Blair acted as book-runners for the offering. Houlihan Lokey served as a financial advisor to the Company.
Stevanato Group develops drug containment, drug delivery and diagnostic technologies. The company has recently been working with Bexson Biomedical on proprietary wearable subcutaneous infusion pump technology. Bexson recently earned a U.S. patent for its BB106 ketamine therapy through the proprietary delivery platform.
