Avalon Pharma Plans Stock Exchange Listing on Tadawul to Fuel Global Expansion
Pharmaceutical company Avalon Pharma, headquartered in Riyadh, is set to list 30% of its shares on the Tadawul stock exchange.
The company, eyeing an increased market presence, is offering 6 million shares to both participating parties and individual investors.
The final offer price for these shares will be determined at the conclusion of the book-building process scheduled between January 14 and 18.
Avalon Pharma revealed that in response to robust demand from individual investors, there is a provision to adjust the initial allocation of shares to participating parties.
If deemed necessary, the number of shares earmarked for participating parties may be reduced to 5.4 million, constituting 90% of the total offered shares, as stated by Avalon Pharma on Sunday (7/1).
Ahmed Tabbaa, the founder and chairman of Avalon Pharma, expressed confidence in the company's trajectory, stating, “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.”
Avalon Pharma's forthcoming listing on the Tadawul exchange aligns with a series of recent initial public offerings (IPOs) on the Tadawul, which stands as the largest Arab bourse by market value.
The move is indicative of Avalon Pharma's commitment to leveraging the opportunities presented by the dynamic financial landscape in Saudi Arabia.
John Benny / The National