Logo of Middle East Pharmaceutical Industries Co. (Avalon Pharma)
Middle East Pharmaceutical Industries Co. (Avalon Pharma) announced the prospectus for offering six million shares, representing 30% of its share capital, on the Saudi Exchange (Tadawul).
The Capital Market Authority (CMA) approved, in December 2023, Avalon Pharma’s application for the share offering.
The subscription period for participating parties and the book-building process will run for five days from Jan. 14-18.
Meanwhile, the retail offering will run for three days from Jan. 30 to Feb. 1.
As per the prospectus, participating parties will initially be allocated six million shares, representing 100% of the total shares on offer.
In case retail subscribers subscribe to all shares allocated to them, the bookrunner shall have the right to reduce the number of shares allocated to the participating parties to 5.4 million shares as a minimum, representing 90% of the offering shares.
Initially, 1.8 million shares will be earmarked to the public funds category, representing 30% of the total. This figure could be slashed to 1.62 million shares if there is sufficient demand from retail subscribers.
Retail subscribers will be allotted a maximum of 600,000 shares of the total offering, or 10% of the offered shares.
Avalon Pharma develops, manufactures, markets and distributes a range of pharmaceuticals and generic meds in Saudi Arabia and abroad.
According to its commercial register, the company’s activity is represented in disinfectants and sterilizers for medical devices and products. This is in addition to the manufacturing of disinfectants and sterilizers for non-medical use, as well as cosmetics and pharmaceutical preps for human use.
Company Profile
Company
Avalon Pharma
Market
Tadawul (TASI)
Core Activities
Pharmaceuticals
Capital
SAR 200 mln
Number of Shares
SAR 20 mln
IPO Summary
Issue Percentage
30% of capital
Number of Offer Shares
6 mln
Qualified Subscribers
Participating parties – Retail investors
Minimum Limit for Retail Investors
10 shares
Minimum Limit for Institutional Investors
10,000 shares
Maximum Limit for Retail Investors
600,000 shares
Maximum Limit for Institutional Investors
990,000 shares
Institutional Offering & Book-Building Period
Jan.14-18, 2024
Retail Offering
Jan. 30-Feb. 1, 2024
Final Allocation
Feb. 8, 2024
Refund (if any)
Feb. 14, 2024
Additional Information
Financial Advisor & Bookrunner
Aldukheil Financial Group
Lead Manager & Underwriter
Alinma Investment
Receiving Banks
Alinma Bank – Saudi National Bank (SNB)
Major Shareholders
Shareholders
Pre-IPO
Post-IPO
Number of shares
(mln shares)
Ownership Stake
(%)
Number of shares
(mln shares)
Ownership Stake
(%)
Tabbaa National Holding Co.
12.05
60.25 %
8.44
42.18 %
Talal Yousuf Zahid
4.20
21.00 %
2.94
14.70 %
Ali Shaher Ahmad Al-Tabbaa
1.32
6.60 %
0.92
4.62 %
Faisal Shaher Ahmad Al-Tabbaa
1.28
6.40 %
0.90
4.48 %
Durrat Al-Wadaa Investment Co.
0.50
2.50 %
0.35
1.75 %
Yousuf Talal Yousuf Zahid
0.40
2.00 %
0.28
1.40 %
Durrat Al-Faisal Investment Co.
0.25
1.25 %
0.18
0.88 %
Public
—
—
6.00
30.00 %
Total
20.00
—
20.00
100 %
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