Saudi Arabia’s Avalon Pharma prices IPO at top of range

Saudi-based Middle East Pharmaceutical Industries Company, known as Avalon Pharma, priced its initial public offering (IPO) at the top of its range, selling the shares at 82 riyals ($21.87) each on Wednesday.

Avalon Pharma is offering six million shares, or 30 percent of its issued share capital, on the Saudi Exchange’s Main Market.

Earlier this month, the company disclosed a price range of between 78 riyals and 82 riyals a share.

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.