Skip to content Skip to Search
Skip navigation

Avalon Pharma’s market value at $437m on listing

By Pramod Kumar
Ades Holding is expected to raise about $1.22bn from selling more than 338.72 million existing and new shares Reuters/Ahmed Yosri
Avalon Pharma's IPO subscription period will last three days, starting January 30 and ending February 1

Saudi Arabia’s Middle East Pharmaceutical Industries Company (Avalon Pharma) has priced its initial public offering (IPO) at the top of its range at SAR82 ($21.87), implying a market capitalisation of SAR1.64 billion ($437.33 million) on listing.

The recorded orders during the institutional book-building stood at SAR68.27 billion, representing a coverage of 138.76 times.

The retail IPO subscription period will last three days, starting January 30 and ending February 1.

The home-grown pharmaceutical maker will offer six million shares, or 30 percent of its issued share capital, on the Saudi Exchange’s main market.

Riyadh-headquartered Avalon Pharma’s main activities include the development, manufacturing and marketing of consumer health and beauty brands as well as generic prescription medicines.

The company has over 5,000 sq m manufacturing capacity and a warehouse network across Saudi Arabia. It has three manufacturing and research and development facilities and four warehouses within the kingdom.

Avalon Pharma recently completed a major expansion by doubling its manufacturing capacity, which is expected to start production by the second quarter of 2024, the company said in its IPO prospectus.

The total medicine and medical supplements sector in Saudi Arabia are anticipated to increase at an annual rate of five percent to reach SAR44 billion by 2027, according to the prospectus.

Latest articles

Hajj pilgrims arrive at King Abdulaziz International Airport in Jeddah

Saudia allocates 1.2m seats for Hajj pilgrims  

Saudia, the national flag carrier of Saudi Arabia, has allocated more than 1.2 million seats for the 2024 Hajj Season across its fleet of over 150 aircraft. The operational period for the carrier during this year’s Hajj will span 74 days, starting from May 9, encompassing both inbound and outbound stages. Saudia Group, one of […]

Dewa's Q1 2024 revenue reached AED5.8 billion, up 7% annually

Dewa profit falls despite surge in demand

The state-owned utility provider Dubai Electricity and Water Authority (Dewa) reported a 13 percent year on year decline in net profit to AED651 million ($177.2 million). The lower earnings were mostly due to higher administrative expenses, finance costs and a drop in other income. Revenue for the period reached nearly AED6 billion, an annual rise of 7 […]

Total revenue at Etihad increased 21 percent year on year to nearly AED6 billion

Etihad Q1 profit jumps nine-fold on 41% traffic growth

Etihad Airways’ net profit surged 792 percent to AED526 million ($143 million) in the first quarter, from AED59 million a year ago, amid strong growth in passenger revenue and reduced net finance costs. Total revenue at the UAE flag carrier increased 21 percent year on year to nearly AED6 billion, driven by increased network capacity and passenger numbers. […]

Saudi US China Amit Medha

Saudi Arabia willing to drop China for US tech alliance

Saudi Arabia will sever technology ties with China if the United States compels it to, the chief executive officer of Alat, an investment company backed by $100 billion in capital from the Public Investment Fund, has revealed. According to Bloomberg US officials have told their Saudi Arabian counterparts that they will have to decide between […]