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Italy's Stevanato Group files for U.S. IPO

Credit: REUTERS/Dado Ruvic

Italy's Stevanato Group, manufacturer of glass vials for COVID-19 vaccines and other healthcare products, filed for a U.S. initial public offering on Monday, as the pandemic boosted the demand for some of its products.

Adds details from SEC filing

MILAN, June 21 (Reuters) - Italy's Stevanato Group, manufacturer of glass vials for COVID-19 vaccines and other healthcare products, filed for a U.S. initial public offering on Monday, as the pandemic boosted the demand for some of its products.

The offer will consist of new and existing shares, which will be sold by the Stevanato family holding, the healthcare packaging company said in a statement.

Separately, Stevanato said in a SEC filing it would use the IPO's proceeds to further expand its manufacturing facilities in Italy, to open new plants in the United States and in China and to pursue strategic acquisitions, in addition to general corporate purposes.

Stevanato added that its revenues increased to 662 million euros ($789.10 million) in 2020 from 537 million euros a year earlier, as COVID-19 boosted demand for some of its products, such as syringes and vials for vaccination programs. The group's gross profit was at 194 million euros, up from 138 million in 2019.

The number of shares to be offered and the IPO's price range have not been determined, it added in the statement.

In February three sources told Reuters that the group was making plans for an initial public offering this year that could value the company at between $4 billion and $5 billion.

Morgan Stanley, BofA Securities and Jefferies will act as lead bookrunning managers. Citigroup, KeyBanc Capital Markets, UBS Investment Bank, Wells Fargo Securities and William Blair will act as bookrunners.

($1 = 0.8389 euro)

(Reporting by Elisa Anzolin; Editing by Steve Orlofsky and Jonathan Oatis)

((elisa.anzolin@thomsonreuters.com; 0039 0266129692;))

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