Avalon Pharma unveils price range for Tadawul IPO

Avalon Pharma unveils price range for Tadawul IPO

Riyadh – Mubasher: Middle East Pharmaceutical Industries Company (Avalon Pharma) set the price for its initial public offering (IPO) on the Saudi Exchange (Tadawul) at a range between SAR 78 and SAR 82.

Aldukheil Financial Group, the bookrunner and financial advisor for the transaction, highlighted that the book building period for participating parties will take place during 14-18 January 2024.

Avalon Pharma intends to float 6 million ordinary shares, which account 30% of its share capital.

The minimum number of offer shares that can be applied for by participating parties stands at 10,000 shares, while the maximum number reaches 990,000 shares.

In July 2023, Tadawul greenlighted Avalon Pharma’s IPO, while the Capital Market Authority (CMA) granted its approval last December.

Avalon Pharma unveils price range for Tadawul IPO