US-based Catalent, which claims to be the leading global provider of advanced delivery technologies and development solutions for drugs, biologics and consumer health products, is pricing its initial public offering of 42,500,000 shares of its common stock at $20.50 per share.

The shares began trading on the New York Stock Exchange on July 31, and the offering is expected to close on August 5, 2014. The company has granted the underwriters a 30-day option to purchase up to an additional 6,375,000 shares at the initial public offering price.

Catalent, which has its corporate headquarters in New Jersey, said it expects to receive net proceeds of around $822.7 million after deducting underwriting discounts and estimated offering expenses. It intends to use the proceeds to pay down debt.

Morgan Stanley, J.P. Morgan, BofA Merrill Lynch, Goldman, Sachs & Co., Jefferies and Deutsche Bank Securities are acting as joint bookrunning managers for the offering. Blackstone Capital Markets, Piper Jaffray, Raymond James, Wells Fargo Securities, William Blair and Evercore are acting as co-managers.