AFG sets price range for Avalon Pharma IPO on TASI between SAR 78-82/share

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

The initial public offering (IPO) of Middle East Pharmaceutical Industries Co. (Avalon Pharma) on the main market was priced between SAR 78 and 82 per share, Aldukheil Financial Group, the financial advisor and lead manager, said today, Jan. 11.

The bookbuilding process for participating parties will run during the period Jan. 14–18, after which the offer price will be set, the company added in a statement to Tadawul.

Avalon Pharma will offer six million shares, representing 30% of its share capital. Participating parties will be allocated six million shares, or 100% of the total offered shares.

In case retail subscribers subscribe to all shares allocated to them, the bookrunner will have the right to reduce the number of shares allocated to the participating parties to 5.4 million as a minimum, representing 90% of the offering shares, according to Argaam's available data.

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

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