Avalon Pharma Announces Definitive Offer Price as IPO Gains Momentum
Saudi Arabian pharmaceutical manufacturing company, Middle East Pharmaceutical Industries Company (Avalon Pharma), has successfully concluded the book-building phase for potential participants and disclosed the definitive offer price for its upcoming initial public offering (IPO).
The established offer price for the IPO stands at SAR82 per share, translating to a market capitalization of SAR1.64 billion ($437.33 million) upon listing.
During the institutional book-building stage, recorded orders reached approximately SAR68.27 billion ($18.21 billion), indicating an impressive coverage of 138.76 times.
The retail subscription period is scheduled to span three days, kicking off on January 30 and concluding on February 1.
This development marks a significant milestone for Avalon Pharma, one of Saudi Arabia's rapidly growing pharmaceutical companies, as it moves forward with its IPO plans.