Stevanato slips as co, founding family sell shares in upsized equity offering

Stevanato SpA

22/03/2024 12:38

** Shares of Italian medical equipment supplier Stevanato
Group S.p.A  STVN.N  down 2.5% at $27.61 premarket after equity
offering priced
    ** Glass vials and syringes maker late Thurs announced 12.7
mln shares at $26 for $330 mln total raise
    ** Offering size boosted from $300 mln, priced at 8.2%
discount to stock's last sale
    ** Co sold 6.35 mln shares and will use net proceeds for
general corp purposes, while founding Stevanato family offloaded
the balance
    ** Stevanato family owned 78% of co prior to offering
    ** Co has ~295.5 mln shares outstanding for $8.4 bln market
cap
    ** STVN shares up 3.7% YTD through Thurs following ~52% gain
in 2023
    ** Morgan Stanley and William Blair are lead bookrunners on
the offering

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))