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Saudi Avalon Pharma Prepares for IPO on Main Market

Al-Dukheil Financial Group has been appointed financial adviser and book-runner for the IPO, while al-Inma Investment is acting as lead manager (Avalon Pharma)
Al-Dukheil Financial Group has been appointed financial adviser and book-runner for the IPO, while al-Inma Investment is acting as lead manager (Avalon Pharma)
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Saudi Avalon Pharma Prepares for IPO on Main Market

Al-Dukheil Financial Group has been appointed financial adviser and book-runner for the IPO, while al-Inma Investment is acting as lead manager (Avalon Pharma)
Al-Dukheil Financial Group has been appointed financial adviser and book-runner for the IPO, while al-Inma Investment is acting as lead manager (Avalon Pharma)

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.

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Gold Extends Slide to 1-week Low on Curbed Safety Demand, Stronger Dollar

A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
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Gold Extends Slide to 1-week Low on Curbed Safety Demand, Stronger Dollar

A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo

Gold prices extended declines on Tuesday, hitting a more than one-week low, pressured by a jump in US dollar and easing safe-haven demand after reports of a possible Lebanon-Israel ceasefire.

Spot gold was down 0.4% at $2,614.56 per ounce as of 0845 GMT, after hitting its lowest since Nov. 18 earlier in the session. US gold futures edged 0.1% lower to $2,614.80, Reuters reported.

The precious metal fell 3.2% on Monday, its deepest one-day decline in more than five months, on news that Israel looked set to approve a US plan for a ceasefire with the Iran-backed Hezbollah, with further pressure from Trump's nomination of Scott Bessent as the US Treasury secretary.

Meanwhile, the Kremlin said it had noted that Trump's circle was speaking about a potential peace plan for Ukraine.

"This has reduced the geopolitical risk premium, leading to a decline in gold prices," said Soni Kumari, a commodity strategist at ANZ, adding that a stronger US dollar is also weighing on investor appetite for gold. The dollar was up by 0.3%, after US President-elect Donald Trump vowed tariffs against Mexico, Canada and China, reducing gold's appeal for holders of other currencies.

"So now the focus will shift back to, what Fed is going to do in December meeting," Kumari said. Federal Reserve Bank of Minneapolis President Neel Kashkari, typically on the hawkish end of the US central bank's policy spectrum, said he is open to cutting rates again next month.

Traders will also keep a close eye on US consumer confidence data and the minutes from the Fed's November meeting later in the day.

"I expect gold to trade in a narrow range in the short term, with a slight upward drift," Matt Simpson, a senior analyst at City Index said.

Spot silver slipped by 0.1% to $2,614.80 per ounce, platinum shed 1.1% to $928.40 and palladium was down 0.2% to $971.10.