Italy's Stevanato Group S.p.A., a maker of glass vials for COVID-19 vaccine and other healthcare products, said on Wednesday it was seeking a valuation of over $7 billion in its U.S. initial public offering (IPO).
Founded by billionaire Sergio Stevanato, the company said in its filing that a total of 40 million shares would be offered for sale priced between $21 and $24 each. The IPO would raise $960 million at the top end of that range.
About 30% of those shares will be offered by the Stevenato family holding, an existing investor. The proceeds from those shares will not go to the company.
Padua-based Stevanato Group started in 1949 as Soffieria Stella, a specialty glass manufacturer that was the precursor to the medical packaging company.
The company started its international expansion in 2015 after the purchase of a primary packaging company in Slovakia.
Stevanato, whose IPO plans were reported by Reuters in February, will list on the New York Stock Exchange under the symbol "STVN".
Morgan Stanley, BofA Securities and Jefferies are the lead underwriters for the offering.
(Reporting by Niket Nishant in Bengaluru; Editing by Bernard Orr, Aditya Soni) ((Niket.Nishant@thomsonreuters.com;))