11:25 AM EDT, 03/22/2024 (MT Newswires) -- (Updates with stock move in the headline and first paragraph.)

Stevanato Group (STVN) shares were rising past 4% in recent Friday trading after it said late Thursday it priced its upsized public offering of 12.7 million shares at $26 each for expected gross proceeds of about $330 million.

The company and Stevanato Holding, an affiliate that owns about 78% of the group's stock, are offering about 6.4 million shares each. The firm and the selling shareholder have granted underwriters a 30-day option to purchase up to 1.9 million shares at the offering price.

The offering is expected to close on Tuesday.

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

Price: 29.47, Change: +1.16, Percent Change: +4.08