06:04 PM EDT, 03/20/2024 (MT Newswires) -- Stevanato Group (STVN) said late Wednesday it launched an underwritten public offering of $300 million of its ordinary shares.

The company said it is offering $150 million of its shares in the offering.

Stevanato Holding, an affiliate that holds about 78% of Stevanato Group's outstanding ordinary shares, is offering the remaining $150 million of the company's shares as a selling shareholder.

Stevanato Group and the selling shareholder intend to grant underwriters a 30-day option to purchase additional shares up to an amount equal to 15% of the aggregate number of ordinary shares in the offering.

Stevanato Group intends to use the net proceeds for general corporate purposes, including its working capital requirements.

Shares of Stevanato Group dropped 3% in after-hours activity.

Price: 26.8, Change: -0.84, Percent Change: -3.04