Wednesday, November 13, 2024
HomeBusiness(Avalon Pharma) of Saudi Arabia plans to list a 30% stake in...

(Avalon Pharma) of Saudi Arabia plans to list a 30% stake in Tadawul.

In an effort to grow internationally, pharmaceutical company Avalon Pharma based in Riyadh, intends to list thirty percent of its shares on the Tadawul stock exchange.

The business stated that the ultimate offer price for the shares will be decided between January 14 and 18, at the conclusion of the book-building procedure, in relation to the 6 million shares it is selling to the participating parties and individual investors.

The number of shares initially allotted to participating parties will be lowered to 5.4 million, or 90% of the total offered shares, if there is enough demand from individual investors, Avalon Pharma said on Sunday.

Avalon Pharma

As we have grown and changed over this time, we have become a real success story in the kingdom, according to Ahmed Tabbaa, chairman and founder of Avalon Pharma. We have also ventured into new markets and product lines in response to market demand.

We can now take advantage of future growth and give more stakeholders a chance to participate in our success thanks to our listing on the Saudi Exchange.

The most recent initial public offering (IPO) to be listed on the Tadawul, the largest Arab stock exchange based on market value, is Avalon Pharma.

Regional broadcaster MBC Group priced its initial public offering (IPO) at the top of the range and raised 831 million Saudi riyals ($222 million) last month.

Due to strong investor demand, the company decided to offer a 10% stake, setting the final offering price at 25 riyals per share. The group’s pricing was 8.3 billion riyals.

After raising $678 million for its initial public offering (IPO), SAL Saudi Logistics Services Company started trading on Tadawul on November 1.

In 2023, Ades Holding, an oil and gas drilling company, raised $1.2 billion in the largest initial public offering (IPO) in the kingdom.

In the second quarter of 2023, the number of initial public offerings (IPOs) on Mena region bourses increased by 44% annually due to strong economic growth, according to global consulting firm EY.

The top two regional economies, Saudi Arabia and the United Arab Emirates, drove growth in Mena IPO deals, according to a September report from EY.

Since its founding in 1998, Avalon Pharma has produced and marketed a variety of consumer health and beauty brands in addition to generic prescription medications.

One of the fastest-growing consumer pharmaceutical companies in Saudi Arabia, the company exports its products to over ten countries in the Middle East and North Africa.

Mohammed Al Ghannam, managing director and CEO of Avalon Pharma, stated that “the market within the kingdom is changing rapidly and we are well-positioned to capture future growth across the region.”

The rising incidence of chronic illnesses like diabetes and hypertension has been the main driver of Saudi Arabia’s pharmaceutical market’s recent steady growth.

As pharmaceutical companies concentrate on producing more specialized medications in fields like oncology and rare diseases, the government has also been making significant investments in the healthcare industry.

According to market research firm Imarc Group, the pharmaceutical market in the kingdom is projected to grow from $8.9 billion in 2022 to $10.6 billion by 2028.

RELATED ARTICLES

1 COMMENT

Comments are closed.

Most Popular

Recent Comments