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  • SAUDI ARABIA BREAKING NEWS

Saudi Arabia's Avalon Pharma Plans IPO On Main Market




Saudi pharmaceutical manufacturer Middle East Pharmaceutical Industries Company, known as Avalon Pharma, on Sunday said it would see shares on the Saudi Exchange's Main Market through an initial public offering (IPO).


The company has received approval to offer six million shares, or 30% of its issued share capital, with final pricing to be determined following a Jan 14-18 book-building period, a company statement said.


Headquartered in Riyadh, Avalon Pharma's main activities include the development, manufacturing, and marketing of consumer health and beauty brands as well as generic prescription medicines.


Aldukhein Financial Group has been appointed financial adviser and bookrunner for the IPO while Alinma Investment is acting as lead manager.

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