Middle East Pharmaceutical Industries Company (Avalon Pharma), one of the fastest growing home-grown pharmaceutical manufacturing companies in Saudi Arabia, on Sunday (January 7) announced its intention to proceed with an initial public offering (IPO) and the listing of its ordinary shares on the main market of the Saudi Exchange. 

 

On 6 December 2023, the Capital Market Authority (CMA) approved the company’s application for the offering of 6,000,000 shares, representing 30% of the company’s issued share capital, by way of a sale of existing shares by selling shareholders. 

 

The final offer price of the offer shares will be determined at the end of the book-building period, which will commence on January 14,2024 and run until January 18. 

 

The offer shares will be offered for subscription to participating parties and individual investors. The number of shares to be initially allocated to participating parties is 6,000,000,  representing 100% of the total offer shares. In the event that there is sufficient demand by individual investors, the number of shares initially allocated to participating parties will be reduced to 5,400,000 shares, representing 90% of the total offer shares. 

 

Ahmed Tabbaa, Founder and Chairman of Avalon Pharma, said: “When I look back on the journey of our business over the last 25 years, I am delighted with the progress that we have made in becoming a leading consumer pharmaceutical company in the Kingdom of Saudi Arabia. 

 

"We are a true success story within the kingdom, having developed and expanded significantly during this time, venturing into new areas and products as we have adapted to, and anticipated, market demand. 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 AlGhannam, MD & CEO of Avalon Pharma, added: “Since its foundation, the company has built a reputation through the quality of its products and as one of the fastest growing pharmaceutical companies in Saudi Arabia. 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.”  - TradeArabia News Service