Stevanato, the Italian family-owned yet global manufacturer and provider of drug containment, drug delivery and diagnostic solutions, has formally registered its proposed initial public offering (IPO) for the sale of shares in the company. The sale was first mooted earlier this year, but the filing of a registration statement with the US Securities and Exchange Commission on June 21, 2021 brings it one step closer to realization.
Morgan Stanley, BofA Securities and Jefferies have been appointed to manage the offering with Citigroup, KeyBanc Capital Markets, UBS Investment Bank, Wells Fargo Securities and William Blair joining the syndicate.
A major producer of glass vials for drug containment and syringes for delivery, Stevanato’s IPO has been quickly linked to COVID vaccine development increasing demand from the manufacturer, but the IPO comes on the back of more than this recent surge in requirements. The last 16 years has seen a steady uptick in the company’s acquisition strategy and, more recently, investment in research and development. This potential offering would seem therefore to be made with long-term expansion goals and not just current economic drivers in mind.
Long before the pandemic, a new syringe production plant had been planned and built in its Piombino Dese base in Italy, which opened in 2019. As well as sticking to its Italian roots, Stevanato’s global presence extends across Europe and it has offices and plants in Asia and North, Central and South America.
Founded in 1949, the company began its international expansion drive as far back as 2005 with the acquisition of Slovakian manufacturer Medical Glass. Most recently it opened its Boston-based Technology Excellence Center in 2020, dedicated to providing the pharmaceutical industry with analytical and project-management services for drug development, highlighting the company’s direction of travel further into product development.
If the company goes through with the IPO, the shares will be issued and sold by both Stevanato Group S.p.A. and its shareholder Stevanato Holding S.r.l. The company has been purported to be valued at between $4 billion and $5 billion.