Middle East Pharmaceutical Industries Company’s (Avalon Pharma) initial public offering (IPO) has netted SR2.67 billion ($712.1 million) in retail subscription indicating an oversubscription of 54.3 times.

 

The IPO witnessed a number of 284,739 applications by primary subscribers for a number of 807,467 investors (primary subscribers and dependents).

 

The retail subscription process, comprising a maximum of 600,000 shares, representing 10% of the total offering shares, commenced on January 30, 2024 and ended on February 1, 2024.

 

Primary subscribers will receive a minimum of (2) shares each, while the remaining shares will be allocated on a pro-rata basis for the remaining demand with an average allocation factor of around 0.095% for each application from their subscribed shares.

 

Market capitalisation

The final offer price for the offering has been set at SR82 per share, implying a market capitalisation of SR1.64 billion ($437.33 million) at listing.

 

Based on the results of the retail subscription process, the shares allocated to participating parties will be reduced to 5,400,000 Offer Shares, representing 90% of the total offering.--TradeArabia News Service