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Avalon Pharma finalises price range for IPO

PIF intends to divest stakes in its portfolio companies to bolster the economic transformation under Vision 2030 Reuters/Faisal Al Nasser
PIF intends to divest stakes in its portfolio companies to bolster the economic transformation under Vision 2030

Saudi Arabia’s Middle East Pharmaceutical Industries Company (Avalon Pharma) has set the offer price range for its proposed initial public offering (IPO).

The price range has been set between SAR78 and SAR82 ($20.80-$21.87), the company said in a statement.

The institutional book-building period will run from January 14 to 18.

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 a manufacturing capacity of over 5,000 sq m 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 ($11.73 billion) by 2027, according to the prospectus.

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