NewsAvalon Pharma to float on Saudi Exchange's main market

Avalon Pharma to float on Saudi Exchange’s main market

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Riyadh, Saudi Arabia- January 2024- One of the Kingdom of Saudi Arabia’s fastest-growing domestic pharmaceutical manufacturing firms, Middle East Pharmaceutical Industries Company, Avalon Pharma, has announced its plan to move forward with an IPO and list its common shares on the Saudi Exchange’s Main Market.

The Capital Market Authority accepted the company’s request on December 6, 2023, to offer 6,000,000 shares through the sale of current shares by selling shareholders, which amounts to 30% of the company’s issued share capital. After the book-building period, which runs from Sunday, January 14, 2024, through Thursday, January 18, 2024, is over, the final offer price of the Offer Shares will be decided.

Commenting on the Intention to Float, 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.”

Also Read: These four Saudi Arabian hospitals are “Baby Friendly”

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.”

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