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Stevanato Group Announces Closing of Upsized Public Offering of Ordinary Shares and Exercise in Full of the Underwriters’ Option to Purchase Additional Ordinary Shares

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Stevanato Group (STVN) closes upsized public offering, selling 14.6 million ordinary shares at $26.00 per share, generating approximately $379.7 million in gross proceeds. The Company intends to use the net proceeds for general corporate purposes and ongoing investment activities.
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The completion of Stevanato Group's upsized public offering, including the full exercise of the underwriters' option, signifies a robust market interest in the company's equity. The offering's success, marked by the sale of 14,605,000 ordinary shares at $26.00 each, is indicative of investor confidence and a positive valuation of the company's prospects. The gross proceeds of approximately $379.7 million are substantial for Stevanato Group, potentially bolstering its balance sheet and providing liquidity for future investment activities.

From an investor's perspective, the dual nature of the offering—split between the company and a major shareholder—provides insights into ownership dilution and capital allocation. While the company's proceeds are earmarked for general corporate purposes and strategic flexibility, the fact that Stevanato Group will not benefit from the selling shareholder's proceeds is noteworthy. Investors might be interested in how this capital injection could accelerate Stevanato's growth trajectory, particularly in its investment activities and working capital needs within the pharmaceutical supply chain.

Stevanato Group operates within the pharmaceutical and life sciences sectors, providing critical solutions for drug containment and delivery. The successful offering suggests a favorable market perception of the industry's growth potential, driven by rising demand for biopharmaceuticals and advanced diagnostic solutions. It's important to assess the competitive landscape and how Stevanato's capital raise positions it against peers.

Investors may find value in understanding the strategic implications of Stevanato's funding allocation. The capital raise could enable Stevanato to invest in R&D, expand its product portfolio and enhance its global footprint. This could lead to market share gains and strengthened customer relationships in the long run, although it may also bring about near-term financial pressures associated with increased spending.

The offering's execution under an automatic shelf registration statement on Form F-3, which was declared effective by the SEC, underscores the regulatory compliance and preparedness of Stevanato Group. The ability to quickly mobilize capital through such a mechanism is a strategic advantage that allows the company to act swiftly in response to market conditions and investment opportunities.

Investors should be aware of the legal nuances, such as the implications of securities laws on the sale and distribution of shares. The statement that the sale would not proceed in jurisdictions where it would be unlawful prior to registration or qualification under the securities laws emphasizes the importance of adhering to regulatory frameworks, which can impact the timing and scope of such offerings.

PIOMBINO DESE, Italy--(BUSINESS WIRE)-- Stevanato Group S.p.A. (NYSE: STVN) (“Stevanato Group,” or the “Company”), a leading global provider of drug containment, drug delivery and diagnostic solutions to the pharmaceutical, biotechnology and life sciences industries, today announced the closing of its previously announced upsized underwritten public offering of an aggregate of 14,605,000 of its ordinary shares, which includes the full exercise of the underwriters’ option to purchase 1,905,000 additional ordinary shares, at a public offering price of $26.00 per share.

Stevanato Group sold 7,302,500 ordinary shares (the “Company Offering”), and Stevanato Holding S.r.l., an affiliate and major shareholder of the Company (the “Selling Shareholder”), sold 7,302,500 ordinary shares (the “Selling Shareholder Offering” and, together with the Company Offering, the “Offering”).

The total gross proceeds from the Offering, before deducting underwriting discounts and commissions and offering expenses, were approximately $379.7 million, or approximately $189.8 million from each of the Company Offering and the Selling Shareholder Offering.

Stevanato Group intends to use the net proceeds from the Company 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. Stevanato Group will not receive any proceeds from the Selling Shareholder Offering.

Morgan Stanley and William Blair served as lead book-running managers and as representatives of the underwriters for the Offering. BofA Securities, Citigroup and KeyBanc Capital Markets also served as joint book-running managers. The Offering was made pursuant to an automatic shelf registration statement on Form F-3 that was filed and automatically declared effective with the Securities and Exchange Commission (the “SEC”) on March 20, 2024 and a prospectus supplement to the accompanying prospectus that forms part of the registration statement. Copies of the prospectus and final prospectus supplement related to the Offering may be obtained by visiting the SEC’s website at www.sec.gov or by contacting: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, by telephone at (866) 718-1649 or by email at prospectus@morganstanley.com or by contacting William Blair & Company, L.L.C., Attention Prospectus Department, 150 North Riverside Plaza, Chicago, IL 60606, by telephone at (800) 621-0687, or by email at prospectus@williamblair.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy Stevanato Group’s ordinary shares, nor shall there be any sale of such shares in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Stevanato Group

Founded in 1949, Stevanato Group is a leading global provider of drug containment, drug delivery and diagnostic solutions as well as engineering solutions to the pharmaceutical, biotechnology and life sciences industries. Stevanato Group delivers an integrated, end-to-end portfolio of products, processes and services that address customer needs across the entire drug life cycle from development to clinical and commercial stages. Stevanato Group’s core capabilities in scientific research and development, its commitment to technical innovation and its engineering excellence are central to its ability to offer value added solutions to clients.

For more information, please visit www.stevanatogroup.com

Forward Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Certain statements contained in this press release, including statements regarding the intended use of proceeds from the Company Offering, are forward-looking statements based on Stevanato Group’s current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. These statements are not guarantees of future performance and are subject to a number of risks and uncertainties, including market conditions and Stevenato Group’s results of operations. As such, the reader should not place undue reliance on these forward-looking statements, as there can be no assurances that the plans, initiatives or expectations upon which they are based will occur. For a description of additional factors that could cause the Company’s future results to differ from those expressed in any such forward-looking statements, refer to the risk factors discussed under “Risk Factors” in the Company’s Annual Report on Form 20-F for the year ended December 31, 2023 filed with the SEC on March 7, 2024 and in the prospectus supplement and the accompanying prospectus related to the Offering filed with the SEC. Stevanato Group cannot provide any assurances regarding its ability to effectively apply the net proceeds it received as described above. All forward-looking statements in this press release are based on information currently available to Stevanato Group and speak only as of the date of this press release, and Stevanato Group assumes no obligation to update these forward-looking statements in light of new information or future events, except as may be required by law.

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Stevanato Group

media@stevanatogroup.com



Investor Relations

Lisa Miles

lisa.miles@stevanatogroup.com

Source: Stevanato Group S.p.A.

Stevanato Group sold 7,302,500 ordinary shares in the public offering.

The public offering price per share in the Stevanato Group public offering was $26.00.

The total gross proceeds from the public offering were approximately $379.7 million.

Stevanato Group intends to use the net proceeds for general corporate purposes, ongoing investment activities, and working capital needs.

Morgan Stanley and William Blair served as lead book-running managers for the public offering.
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About STVN

founded in 1949, stevanato group is committed to create systems, processes and services that guarantee the integrity of parenteral medicines. it is comprised of two operational divisions: - pharmaceutical systems (ompi and balda brands): specialized in ready-to-use glass containers and bulk primary packaging (syringes, cartridges, vials and ampoules); high quality and high precision plastic solutions for diagnostic, pharmaceutical and medical device applications. - engineering systems (spami, optrel, innoscan and svm brands): specialized in glass forming technology, inspection systems, assembly, packaging machines and serialization solutions for the pharmaceutical industry. these two divisions enjoy a close, synchronous relationship, featuring daily exchanges which ensure that stevanato group has complete control over the entire production process, from purchasing the finest raw materials to offering exceptional after-sales customer service. the group also benefits from the sglab activ