Riyadh – Mubasher: Middle East Pharmaceutical Industries Company (Avalon Pharma) plans to list 6 million ordinary shares, representing 30% of its share capital, on the Main Market of the Saudi Exchange (Tadawul).
Aldukheil Financial Group is acting as the bookrunner and financial advisor for the initial public offering (IPO), according to a bourse statement.
The group highlighted that the IPO subscription period for individual subscribers will be from 30 January to 1 February 2024.
Meanwhile, the final offering price will be determined after the end of the book-building period for participating parties, which will take place during 14-18 January 2024.
Tadawul greenlighted Avalon Pharma’s IPO on 31 July 2023, while the Capital Market Authority (CMA) granted its approval last December.
Ahmed Tabbaa, Founder and Chairman of Avalon Pharma, said: “In listing on the Saudi Exchange, we are now able to capture future growth and provide an opportunity for a greater number of stakeholders to share in our success.”
Mohammed Maher Al Ghannam, Managing Director and CEO of Avalon Pharma, indicated: “The market within the Kingdom is changing rapidly and we are well placed to capture future growth across the region as we have shown over the years through our ability to address the market needs.”
Alinma Investment is the lead manager for the transaction, while Alinma Bank and the Saudi National Bank (SNB) are the receiving agents.
Being one of the fastest-growing consumer pharma companies in Saudi Arabia, Avalon Pharma exports its products to more than 10 countries across the MENA region.
With over 70 brands and 250 stock-keeping units (SKUs), the Riyadh-headquartered firm provides a wide range of product categories that focus on dermatologicals, respiratory, neurology, and musculoskeletal.
Avalon Pharma recently doubled its manufacturing capacity, which is expected to start production by the second quarter (Q2) of 2024.
