Saudi pharmaceutical manufacturer Middle East Pharmaceutical Industries Company, also known as Avalon Pharma, has announced its intentions to launch an initial public offering (IPO) on the Saudi Exchange’s Main Market.
This significant development was revealed on Sunday, marking a pivotal moment for the company’s future endeavors.
Avalon Pharma has successfully secured approval for the issuance of six million shares, equivalent to 30% of its currently issued share capital.
The specific pricing details for these shares will be determined through a book-building process set to take place from January 14th to January 18th.
The company’s statement reflects its commitment to transparency and a fair valuation of its assets.
Headquartered in Riyadh, Avalon Pharma is a prominent player in the pharmaceutical industry, engaging in activities that encompass the development, manufacturing, and marketing of both consumer health and beauty brands, as well as generic prescription medicines.
Their wide-ranging portfolio signifies their dedication to improving healthcare and well-being for consumers in Saudi Arabia and beyond.
To facilitate the IPO and ensure its success, Avalon Pharma has enlisted the expertise of reputable financial institutions. Aldukheil Financial Group has been appointed as the financial adviser and bookrunner for this venture.
Their role will involve providing strategic financial guidance and managing the book-building process, crucial for determining the IPO’s final price.
Additionally, Alinma Investment has assumed the role of lead manager, adding further value to the offering.
The decision to go public on the Saudi Exchange’s Main Market is a strategic move by Avalon Pharma, demonstrating their confidence in the company’s growth prospects and their commitment to delivering value to shareholders.
This IPO is anticipated to attract significant attention from investors interested in the pharmaceutical sector, as it offers an opportunity to participate in the success of a well-established and reputable company in the Saudi Arabian market.
As the book-building period unfolds and pricing details emerge, the investment community eagerly awaits Avalon Pharma’s IPO on the Saudi Exchange, poised to witness an important milestone in the pharmaceutical industry’s evolution within the Kingdom.