Riyadh-based pharmaceutical company Avalon Pharma on Thursday said the price range for its initial public offering will hover between 78 Saudi riyals to 82 Saudi riyals per share ($20.80-$21.87).
Last week, the company announced plans to list 30 per cent of its shares on the Tadawul stock exchange amid plans to expand globally.
The five-day institutional book-building period will start on January 14 and end on January 18, the company said in a statement. The final offer price will be determined at the end of the book-building period.
On December 6, Saudi Arabia’s Capital Market Authority approved the company’s application for the offering of 6 million shares (30 per cent of the issued share capital).
The company has appointed Aldukheil Financial Group to act as financial adviser and bookrunner, while Alinma Investment has been appointed as lead manager.
Avalon Pharma, which was established in 1998, engages in the production and promotion of a diverse array of consumer health and beauty brands, along with generic prescription medicines.
Exporting its products to more than 10 countries throughout the Middle East and North Africa region, the company stands as one of the rapidly expanding consumer pharmaceutical companies in Saudi Arabia, the Arab world’s largest economy.
The kingdom’s pharmaceuticals market is expected to reach $10.6 billion by 2028, from $8.9 billion in 2022, market research company Imarc Group said.
“In listing on the Saudi Exchange, we are now able to capture future growth and provide an opportunity for a greater number of stakeholders to share in our success,” Ahmed Tabbaa, founder and chairman of Avalon Pharma, said in a previous statement.
“We are a true success story within the kingdom, having developed and expanded significantly during this time, venturing into new areas and products as we have adapted to, and anticipated, market demand,” he added.
Avalon Pharma's potential listing marks the latest addition to a series of IPOs on the Tadawul, the largest Arab stock exchange in terms of market value.
Last month, regional broadcaster MBC Group successfully raised 831 million riyals through an IPO, setting the offering price at the upper limit. The company finalised the offering price at 25 riyals per share, issuing a 10 per cent stake due to strong investor demand, valuing the group at 8.3 billion riyals.
SAL Saudi Logistics Services Company commenced trading on Tadawul on November 1 after generating $678 million from its IPO.
Also, the oil and gas drilling company Ades Holding raised $1.2 billion, marking the largest IPO in the kingdom last year.
SNAPSHOT
While Huawei did launch the first smartphone with a 50MP image sensor in its P40 series in 2020, Oppo in 2014 introduced the Find 7, which was capable of taking 50MP images: this was done using a combination of a 13MP sensor and software that resulted in shots seemingly taken from a 50MP camera.
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More on Quran memorisation:
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
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Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
Day 3, Abu Dhabi Test: At a glance
Moment of the day Just three balls remained in an exhausting day for Sri Lanka’s bowlers when they were afforded some belated cheer. Nuwan Pradeep, unrewarded in 15 overs to that point, let slip a seemingly innocuous delivery down the legside. Babar Azam feathered it behind, and Niroshan Dickwella dived to make a fine catch.
Stat of the day - 2.56 Shan Masood and Sami Aslam are the 16th opening partnership Pakistan have had in Tests in the past five years. That turnover at the top of the order – a new pair every 2.56 Test matches on average – is by far the fastest rate among the leading Test sides. Masood and Aslam put on 114 in their first alliance in Abu Dhabi.
The verdict Even by the normal standards of Test cricket in the UAE, this has been slow going. Pakistan’s run-rate of 2.38 per over is the lowest they have managed in a Test match in this country. With just 14 wickets having fallen in three days so far, it is difficult to see 26 dropping to bring about a result over the next two.
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If driving, turn your engine off when stationary.
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3/5
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The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
THREE
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