Riyadh-based Avalon Pharma said it raised 492 million Saudi riyals ($131 million) in its initial public offering after pricing its shares at the top of the range.
The company set the final offer price at 82 riyals per share, for its listing of a 30 per cent stake. The pricing values the company at 1.65 billion riyals.
Total gross demand for the offering amounted to 2.67 billion riyals, implying an oversubscription level of about 5.4 times, the company said on Wednesday.
"Based on the results of the retail subscription process, the number of shares designated for participating parties will be decreased to 5.4 million, representing 90 per cent of the total offering", the company said.
Last month Avalon announced plans to list six million shares on the Tadawul stock exchange, amid plans to expand globally.
The Aldukheil Financial Group acted as financial adviser and bookrunner, while Alinma Investment the lead manager on the deal.
Avalon, which began operations in 1998, is involved in the manufacturing and marketing of a wide range of consumer health and beauty brands as well as generic prescription medicines.
The company exports products to more than 10 countries across the Middle East and North Africa and is one of the fastest growing consumer pharma companies in Saudi Arabia.
The IPO is the “next step in the maturity of our company and something we have been considering for the past few years”, chief executive Mohamed Al Ghannam told The National in an interview this month.
“Through the listing of the shares, we increase visibility and in the long term, we can access potential sources of funding if needed.”
The company, which recorded 338 million riyals in revenue last year, seeks to double that amount by 2027 and reach 1 billion riyals in revenue by 2030.
Avalon Pharma’s listing would be the latest in a string of IPOs on the Tadawul, the biggest Arab bourse by market value.
In December, regional broadcaster MBC Group raised 831 million riyals in an IPO after pricing it at the top of the range.
SAL Saudi Logistics Services Company’s began trading on Tadawul on November 1 after raising $678 million from its public float.
GCC stock markets recorded a flurry of listing activity last year, with some companies notching significant gains on their trading debut on the back of overwhelming investor demand.
There were a total of 29 IPOs with total proceeds of $5.8 billion in the first nine months of the year in the Mena region, with all the listing activity taking place in the GCC, according to the latest report from consultancy EY.
UAE currency: the story behind the money in your pockets
Results
5.30pm: Maiden (TB) Dh82,500 (Dirt) 1,600m, Winner: Panadol, Mickael Barzalona (jockey), Salem bin Ghadayer (trainer)
6.05pm: Maiden (TB) Dh82,500 (Turf) 1,400m, Winner: Mayehaab, Adrie de Vries, Fawzi Nass
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England-South Africa Test series
1st Test England win by 211 runs at Lord's, London
2nd Test South Africa win by 340 runs at Trent Bridge, Nottingham
3rd Test July 27-31 at The Oval, London
4th Test August 4-8 at Old Trafford, Manchester
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
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Sholto Byrnes on Myanmar politics
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
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What are the influencer academy modules?
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What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
ACC 2019: The winners in full
Best Actress Maha Alemi, Sofia
Best Actor Mohamed Dhrif, Weldi
Best Screenplay Meryem Benm’Barek, Sofia
Best Documentary Of Fathers and Sons by Talal Derki
Best Film Yomeddine by Abu Bakr Shawky
Best Director Nadine Labaki, Capernaum
About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
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Killing of Qassem Suleimani
