Avalon Pharma issues prospectus to list 6M shares on TASI

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

Middle East Pharmaceutical Industries Co. (Avalon Pharma) announced the prospectus for offering six million shares, representing 30% of its share capital, on the Saudi Exchange (Tadawul).

The Capital Market Authority (CMA) approved, in December 2023, Avalon Pharma’s application for the share offering.

The subscription period for participating parties and the book-building process will run for five days from Jan. 14-18.

Meanwhile, the retail offering will run for three days from Jan. 30 to Feb. 1.

As per the prospectus, participating parties will initially be allocated six million shares, representing 100% of the total shares on offer.

In case retail subscribers subscribe to all shares allocated to them, the bookrunner shall have the right to reduce the number of shares allocated to the participating parties to 5.4 million shares as a minimum, representing 90% of the offering shares.

Initially, 1.8 million shares will be earmarked to the public funds category, representing 30% of the total. This figure could be slashed to 1.62 million shares if there is sufficient demand from retail subscribers.

Retail subscribers will be allotted a maximum of 600,000 shares of the total offering, or 10% of the offered shares.

Avalon Pharma develops, manufactures, markets and distributes a range of pharmaceuticals and generic meds in Saudi Arabia and abroad.

According to its commercial register, the company's activity is represented in disinfectants and sterilizers for medical devices and products. This is in addition to the manufacturing of disinfectants and sterilizers for non-medical use, as well as cosmetics and pharmaceutical preps for human use.