Riyadh-based pharmaceutical giant Avalon Pharma has announced the pricing range for its upcoming initial public offering (IPO) on the Tadawul stock exchange. The company, founded in 1998, intends to list 30% of its shares in a bid to raise capital for its global expansion initiatives. The pricing per share is set to fluctuate between 78 Saudi rials to 82 Saudi rials ($20.80-$21.87). The institutional book-building period is scheduled to span from January 14 to January 18, with the final offer price to be determined at the conclusion of this period. Aldukheil Financial Group and Alinma Investment have been appointed as financial adviser and lead manager, respectively, underlining the strategic support the company has secured for its market debut.
Avalon Pharma, recognized for its diverse consumer health and beauty brands, along with generic prescription medicines, has experienced substantial growth and market penetration in the Middle East and North Africa region. As one of the rapidly expanding consumer pharmaceutical companies in Saudi Arabia, Avalon Pharma aims to capitalize on the kingdom’s thriving pharmaceutical market, projected to reach $10.6 billion by 2028, according to market research by Imarc Group. The IPO comes as part of a trend on the Tadawul stock exchange, with other major companies like MBC Group and SAL Saudi Logistics Services Company recently concluding successful IPOs, contributing to the dynamic landscape of the Arab world’s largest economy.