Vaccine vial maker Stevanato was valued at more than $5 billion when listed on the New York Stock Exchange Reuters

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(Reuters)-The shares of Italy’s Stevanato Group SpA fell by more than 20% in its debut on the New York Stock Exchange. The company has a market capitalization of more than US$5 billion. The company produces vaccines and other medical products for COVID-19 Glass bottle.

Stevanato’s stock price opened at $16.65 on Friday. The company has priced its initial public offering (IPO) at the lower end of its target range of $21 to $24 per share.

The Padova, Italy-based company issued 32 million shares in its IPO and raised approximately US$672 million. It earlier planned to sell 40 million shares.

Due to the COVID-19 pandemic, Stevanato has seen an increase in demand for its products and services. The company estimates based on public information that it provides glass vials for approximately 90% of COVID-19 vaccine projects currently on the market.

According to a document recently submitted by the company, most of the company’s total revenue comes from its biopharmaceutical and diagnostic solutions division, which produces vials, cartridges and drug delivery systems.

The documents show that Stevanato is the world’s second largest glass bottle manufacturer with more than 700 customers, including 41 of the 50 compulsory drug companies.

This medical packaging company was originally a specialty glass manufacturer Soffieria Stella founded by billionaire Sergio Stevanato in 1949.

It acquired a primary packaging company in Slovakia in 2005 and began its international expansion. Since then, it has made several acquisitions, including Italy’s Optrel and Denmark’s Innoscan, which specialize in the production of inspection machines.

Morgan Stanley (NYSE code:), Bank of America Securities and Jefferies (NYSE code:) are the lead underwriters of this offering.

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