Stevanato Group stock slides on pricing upsized stock offering to raise $330 million

Press Room

2 years ago

Stevanato Group (NYSE:STVN) has announced the pricing of its upsized previously announced underwritten public offering of 12.7 million shares of common stock at $26.00 a share, for an expected to be approximately $330.0 million.
Shares of STVN fell 4.63% in premarket trading on Friday.
The offering was upsized from previously announced $300 million to $420.0 million.
Per the terms of the offering, Stevanato Group (STVN) and Stevanato Holding S.r.l., an affiliate and major shareholder of the company are offering 6.35 million ordinary shares each, with the underwriters granted an option to purchase up to 1.91 million additional shares on the same terms and conditions.
Stevanato said that it will not receive any proceeds from the selling shareholder offering.
The offering is expected to close on March 26, 2024.
The company intends to use the net proceeds from the offering for general corporate purposes, including to enable Stevanato Group to satisfy the requirements of its ongoing investment activities and working capital needs, and to ensure an appropriate level of operating and strategic flexibility.