Saudi pharmaceutical manufacturer Middle East Pharmaceutical Industries Company, Avalon Pharma, said it would sell shares on the Saudi Exchange's Main Market through an initial public offering (IPO).
Avalon Pharma said in a statement that it received approval to offer six million shares, or 30% of its issued share capital, with final pricing to be determined following a Jan. 14-18 book-building period.
Headquartered in Riyadh, Avalon Pharma's main activities include developing, manufacturing, and marketing consumer health and beauty brands and generic prescription medicines.
Al-Dukheil Financial Group has been appointed financial adviser and book-runner for the IPO, while al-Inma Investment is the lead manager.
Last September, the company announced the launch of its fourth factory in the Kingdom, "Avalon 4," which is expected to be completed by 2026 in the Industrial City in Riyadh, with an investment exceeding $26.8 million.