Avalon Pharma’s retail IPO 54.3x covered, 2 shares allocated per subscriber

Logo of Middle East Pharmaceutical Industries company (Avalon Pharma)

The retail offering of Middle East Pharmaceutical Industries company (Avalon Pharma) was successfully completed, said Aldukheil Financial Group, the financial advisor and bookrunner for the company’s initial public offering (IPO).

Individual investors fully subscribed to the allocated shares. The offering was 54.3x covered.

The company will finalize the necessary paperwork with the Saudi Exchange (Tadawul) to set the listing date.

The three-day retail offering commenced on Jan. 30. A total of 600,000 shares were offered for SAR 82 million. The offer price was set by the book-building process, Argaam earlier reported.

The book-building process for participating parties was successfully completed.

The company is valued at SAR 1.64 billion ($437.33 million). The total orders of participating parties reached nearly SAR 68.27 billion ($18.21 billion). The offering was 138.7x oversubscribed.