Riyadh, Saudi Arabia – 11 January 2024 – Middle East Pharmaceutical Industries Company “Avalon Pharma” , one of the fastest growing home-grown pharmaceutical manufacturing companies in the Kingdom of Saudi Arabia, today announces the price range for its initial public offering , as well as commencement of the institutional book-building period for Participating Parties.
The Price Range for the Offering has been set between SAR 78 – 82 per share. The institutional book-building period will commence on Sunday 14 January 2024 and end on Thursday 18 January 2024.
On 6 December 2023, the Capital Market Authority (“CMA“) approved the Company’s application for the offering of 6,000,000 shares (the “Offer 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.
