Avalon Pharma sets IPO on Tadawul with up to 6 million shares

RIYADH – Avalon Pharma has announced its intention to launch an initial public offering (IPO) on the Saudi Stock Exchange (Tadawul), signaling a continuation of the recent IPO fervor within the region. The pharmaceutical company, a key player in Saudi Arabia’s healthcare sector, is planning to offer up to 6 million shares to the public from January 14 to January 18. The offering comes with a note that allocations for large investors may be reduced depending on the level of interest shown by individual investors.

Avalon Pharma, established in 1998, has made significant strides in the competitive pharmaceutical industry of Saudi Arabia. The company has developed a strong portfolio of consumer health brands and generic prescription medicines, with its influence extending beyond Saudi borders into the broader Middle East and North Africa (MENA) region through exports.

The decision to go public follows a wave of successful IPOs on Tadawul, which has included prominent listings such as MBC Group, which raised $222 million, and Ades Holding, marking the largest IPO at $1.2 billion. This trend is reflective of the broader growth in the MENA region’s IPO activity, which saw a 44% increase in the second quarter of 2023, as reported by Imarc Group.

Moreover, the pharmaceutical sector in Saudi Arabia is on a trajectory of growth, with projections indicating that the market could reach a valuation of $10.6 billion by 2028.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.