Aldukheil Financial Group announces the coverage of Avalon Pharma’s offering for Participating Parties by 138.7 times

Logo of Middle East Pharmaceutical Industries Co. (Avalon Pharma)

Aldukheil Financial Group, as Financial Advisor and Bookrunner for the Initial Public Offering of the Middle East Pharmaceutical Industries company “Avalon Pharma", announces the successful completion of the book-building process for participating parties and the Offer Price.

The Final Offer Price for the Offering has been set at SAR 82 per share, implying a market capitalization of SAR 1.64 billion (USD 437.33 million) at listing. The recorded orders during the institutional book-building stood at around SAR 68.27 billion (USD 18.21 billion), representing a coverage of 138.7 times.

The retail subscription period will last for 3 days, commencing on Tuesday 30 January 2024 and ending on Thursday 1 February 2024.

Offering details
The company	Middle East Pharmaceutical Industries company “Avalon Pharma"
Exchange	Saudi Main Market
Operations	The company develops, manufactures, markets and distributes a wide range of generic medicines and pharmaceuticals in the Kingdom of Saudi Arabia and abroad through a diversified, high-quality product portfolio covering several therapeutic categories
Capital	SAR 200 million
Offered shares	6 million ordinary shares
Offering %	30%
Coverage by participating parties	138.7 times

The Shares will be listed on the Main Market of the Saudi Exchange following the completion of the Offering and listing formalities with the CMA and Saudi Exchange.

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