Middle East Pharmaceutical Industries Company (Avalon Pharma),  one of the fastest growing home-grown pharmaceutical manufacturing companies in Saudi Arabia, has announces the price range for its initial public offering (IPO), as well as commencement of the institutional book-building period for Participating Parties.

 

The price range has been set between SAR78 and SAR82 per share. The institutional book-building period will commence on 4 January 14 and end on January 18.

 

On December 6, 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. - TradeArabia News Service