Skip to content Skip to Search
Skip navigation

Avalon Pharma to float 30% in IPO on Saudi exchange

By Pramod Kumar
Avalon Pharma develops and sells consumer health and beauty brands as well as generic prescription medicines Avalon Pharma
Avalon Pharma develops and sells consumer health and beauty brands as well as generic prescription medicines

Saudi Arabia’s Middle East Pharmaceutical Industries Company (Avalon Pharma) will proceed with an initial public offering (IPO) on the Saudi Exchange, with the book-building period running from January 14 to 18.

The home-grown pharmaceutical maker will offer six million shares, or 30 percent of its issued share capital, with final pricing to be determined following the book-building period. 

“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 market needs,” said Mohammed Maher AlGhannam, managing director and CEO of Avalon Pharma.

Aldukheil Financial Group has been appointed financial adviser and bookrunner for the IPO while Alinma Investment is acting as lead manager.  

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.

Under its 2027 growth strategy, the pharma company plans to introduce new product ranges and manufacture different forms of complex and high-tech medications.

The total medicine and medical supplements sector in Saudi Arabia is anticipated to increase at an annual rate of five percent to reach SAR44 billion ($11.73 billion) by 2027, according to the prospectus.

Latest articles

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]

Car, Transportation, Vehicle

Dubai Taxi to pay $43m dividend despite profit drop

Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, has approved a dividend payout of AED159 million ($43 million) for the first half of 2024 despite a marginal 1 percent increase in net profit. Net earnings reached AED187.4 million in the first six months of the year, compared to AED186.3 million at the same […]