Stevanato Group SpA, a leading global provider of drug containment, drug delivery, and diagnostic solutions to the pharmaceutical, biotechnology, and life sciences industries and the main supplier of glass vials and syringes used in vaccine programs, debuts on the New York Stock Exchange (NYSE), with a capitalization of more than US$6 billion.
The transaction included a capital increase by the company and a secondary offering by the primary shareholder, the Stevanato family holding, for a total of 32 million shares sold in the IPO at US$21 per share. The underwriting banks also have a greenshoe option for additional 4.8 million shares.
Stevanato is the first Italian company to list its shares on the NYSE without using a company incorporated abroad and without using American Depositary Receipts.
Morgan Stanley, BofA Securities, and Jefferies acted as Lead Book Running Managers. Citigroup, KeyBanc Capital Markets, UBS Investment Bank, Wells Fargo Securities, and William Blair acted as Bookrunners. Houlihan Lokey served as the exclusive independent advisor to Stevanato throughout the transaction.
Latham & Watkins advised the banks, on both Italian and US law matters, with a team led by London and Milan partner Ryan Benedict and Milan partner Antonio Coletti, with New York partner Greg Rodgers and Milan associates Guido Bartolomei, Giorgio Thomson Ignazzi, and Lorenzo Rovelli. Advice was also provided on US tax matters by New York partner Jocelyn Noll with associate Colleen O’Donnell; on FINRA matters by New York counsel Gail Neely with associate Marta Talarek; and on sanctions and OFAC matters by Washington, D.C. partner Les Carnegie, London partner Charles Claypoole, and associate Elizabeth Annis.