Saudi Arabia’s Avalon Pharma prices IPO at top of range

DUBAI, Jan 24 (Reuters) – Saudi-based Middle East Pharmaceutical Industries Company, known as Avalon Pharma, priced its initial public offering (IPO) at the top of its range, selling the shares at 82 riyals ($21.87) each on Wednesday.

Avalon Pharma is offering six million shares, or 30% of its issued share capital, on the Saudi Exchange’s Main Market.

Earlier this month, the company disclosed a price range of between 78 riyals and 82 riyals a share.

Headquartered in Riyadh, Avalon Pharma’s main activities include the development, manufacturing and marketing of consumer health and beauty brands as well as generic prescription medicines.

($1 = 3.7501 riyals) (Reporting by Hadeel Al Sayegh; editing by Jason Neely)

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