Avalon Pharma Sets IPO Price on Saudi Stock Exchange

The Middle East Pharmaceutical Industries Company, known as Avalon Pharma and based in Saudi Arabia, announced today, Thursday, that it has set the price range for its planned initial public offering (IPO) of shares at between 78 and 82 Saudi Riyals per share (approximately 20.80 to 21.87 USD). The company will offer six million shares, or 30 percent of its issued capital, on the Saudi stock exchange. It stated in a statement that the final price will be determined after the order-taking period, which will run from January 14 to January 18. Avalon Pharma's headquarters are located in Riyadh, and its main activities include the development, manufacturing, and marketing of private brands in consumer health and beauty, as well as generic drugs.