Riyadh’s Avalon Pharma to publicly list on Saudi Exchange

Riyadh’s Avalon Pharma to publicly list on Saudi Exchange

The Capital Market Authority (CMA), on Saturday, approved Middle East Pharmaceutical Industries Company’s application for the offering of 6 million shares.

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Riyadh-based Avalon Pharma is the next in a long list of potential new listings after it revealed its plans to proceed with an initial public offering (IPO) and the listing of its ordinary shares on the main market of the Saudi Exchange.

The Capital Market Authority (CMA), on Saturday, approved Middle East Pharmaceutical Industries Company’s application for the offering of 6 million shares, representing 30 per cent of the Company’s issued share capital, by way of a sale of existing shares by selling shareholders.

The final offer price of the Offer Shares will be determined at the end of the book-building period, which will commence on January 14, 2024 until January 18, 2024, the company said in a statement.

Overview of Avalon Pharma’s IPO plans

• The shares will be listed on the Saudi Exchange’s main market following the completion of the IPO and listing formalities with the CMA and the Saudi Exchange.• The IPO of Avalon Pharma consists of an offer of 6 million ordinary shares, representing 30 per cent of the company’s issued share capital of 20