Saudi Arabia’s Avalon Pharma prices IPO at top of range
![](https://english.alsiasi.com/wp-content/uploads/2024/01/577a382e-836d-4cd5-84f0-8f9d599d26e3_16x9_1200x676-780x451.webp)
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.