Avalon Pharma Announces IPO Plans

Avalon Pharma Announces IPO Plans

THE WHAT?  Avalon Pharma, a Saudi-based pharmaceutical company, has announced its intention to list on the Saudi Exchange’s main market. This decision marks a pivotal moment in the company’s expansion and visibility in the financial market.

THE DETAILS  Avalon Pharma plans to offer 6,000,000 shares, which represents 30% of its issued share capital. This offering was approved by the Capital Market Authority (CMA) on December 6, 2023. The final offer price for these shares will be set following a book-building period from January 14 to January 18, 2024. The shares are to be listed on the Saudi Exchange’s Main Market, and the IPO consists of a sale of existing shares by selling shareholders. This offering will be available to both Participating Parties and Individual Investors.

THE WHY?   Avalon Pharma, established in 1998 and headquartered in Riyadh, Saudi Arabia, operates in developing, manufacturing, and marketing pharmaceutical products. The company’s decision to go public is aimed at capitalizing on its growth in the pharmaceutical sector and expanding its market reach. This move is part of a broader growth strategy that includes introducing new products and expanding into high-tech medication areas, as well as increasing its export market.