Houlihan Lokey Advises Stevanato Group

Transaction: Houlihan Lokey Advises Stevanato Group

Houlihan Lokey is pleased to announce that Stevanato Group S.p.A. (Stevanato) has successfully completed a $693 million IPO on the New York Stock Exchange and is trading under the ticker STVN. At IPO Stevanato had a market capitalization of c.$6.3 billion (including proceeds raised).

Headquartered in Piombino Dese, Padua, Italy, Stevanato is a world-leader supplier of integrated, end-to-end portfolio of products, processes, and services for the pharmaceutical industry. Stevanato is the No. 1 producer of pen cartridges and No. 2 producer of pre-fillable syringes globally. The group is also the No. 1 world producer of EZ-fill®, a patented, innovative containment solution for the biopharmaceutical industry. The group is supporting the global response to the COVID-19 pandemic and is present in over 90% of the currently marketed vaccine programs. The group intends to use the primary proceeds from the IPO to support its continued growth through the expansion of manufacturing facilities in Italy, as well as new greenfield plants in the US and China.

The post-IPO market capitalization at pricing of c.$6.3 billion represents a 2022E EV/EBITDA multiple of over 20x, almost a 100% premium from its closest European peer and an appropriate discount to their core US-listed peer, West Pharmaceutical Services.

Houlihan Lokey served as the exclusive independent advisor to Stevanato Group throughout the transaction. Houlihan Lokey added considerable value by advising on critical decisions, including: listing location (US vs. Italy), IPO readiness, timing, equity story development, syndicate bank selection, investor targeting, offer structure, price range setting, pricing, and allocations.

The transaction, which led Stevanato to become the first Italian company to list shares in the United States in over 20 years and the first to list without using American depositary receipts, highlights the unique positioning of Houlihan Lokey as an independent IPO Advisor.

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