Avalon Pharma jumps 30% in debut session on TASI

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

Middle East Pharmaceutical Industries Co.'s (Avalon Pharma) stock, listed in the healthcare sector on Tadawul, rose by 30% to reach SAR 106.60, a SAR 24.60 increase compared to its listing price.

The trading volume reached around 9,000 shares so far, valued at SAR 921,000, executed through approximately 3,073 deals.

Tadawul witnessed today, Feb. 27, the listing and start of trading of Avalon Pharma's stock at a price of SAR 82 per share, marking the second listing on TASI this year.

The stock will have daily and static price fluctuation limits of ±30% and ±10%, respectively. These limits will apply during the first three days of listing and from the fourth trading day onwards the daily price fluctuation limits will revert to ±10%, while the static price fluctuation limits will no longer apply.

The company offered six million shares, or 30% of its capital, at SAR 82 per share, of which 90% were allocated to institutional investors and 10% to retail investors.

A minimum of two shares were allocated per individual subscriber, and the remaining shares will be distributed pro rata, with an allocation factor of 0.095%.