Saudi's Avalon Pharma IPO: SAR 1.64B Valuation, 139x Oversubscribed

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Tadawul All Shares Index

TASI.SA

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Middle East Pharmaceutical Industries Company (Avalon Pharma), one of the fastest growing home-grown pharmaceutical manufacturing companies in Saudi Arabia, has announced the completion of the book-building process for participating parties and the final offer price for the company’s initial public offering (IPO).

The final offer price for the offering has been set at SAR82 per share, implying a market capitalisation of SAR1.64 billion ($437.33 million) at listing.

The recorded orders during the institutional book-building stood at around SAR68.27 billion ($18.21 billion), representing a coverage of 138.76 times.

The retail subscription period will last for three days, commencing on January 30 and ending on February 1.  

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