Riyadh-based pharmaceutical company Avalon Pharma plans to list 30 per cent of its shares on the Tadawul stock exchange amid plans to expand globally.
The company, which is selling 6 million of its shares to the “participating parties” and individual investors, said the final offer price of the shares would be determined at the end of the book-building process, between January 14 and 18.
If there is “sufficient” demand by individual investors, the number of shares initially allocated to participating parties will be reduced to 5.4 million, representing 90 per cent of the total offered shares, Avalon Pharma said on Sunday.
“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,” said Ahmed Tabbaa, founder and chairman of Avalon Pharma.
“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.”
Avalon Pharma’s listing would be the latest in a string of IPOs on the Tadawul, the biggest Arab bourse by market value.
Last month, regional broadcaster MBC Group raised 831 million Saudi riyals ($222 million) in an IPO after pricing it at the top of the range.
The company set the final offering price at 25 riyals a share, for its offering of a 10 per cent stake amid “robust investor demand”. The pricing valued the group at 8.3 billion riyals.
SAL Saudi Logistics Services Company’s began trading on Tadawul on November 1 after raising $678 million from its IPO.
Meanwhile, oil and gas drilling company Ades Holding raised $1.2 billion in the kingdom’s largest IPO in 2023.
The volume of IPOs on bourses in the Mena region rose by 44 per cent annually in the second quarter of 2023 amid robust economic growth, global consultancy EY firm said.
Growth in Mena IPO deals was driven by Saudi Arabia and the UAE, the top two regional economies, EY said in a September report.
Avalon Pharma, 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 over 10 countries across the Middle East and North Africa region and is one of the fastest growing consumer pharma companies in Saudi Arabia.
“The market within the kingdom is changing rapidly and we are well-placed to capture future growth across the region,” said Mohammed Al Ghannam, managing director and chief executive of Avalon Pharma.
Saudi Arabia’s pharmaceuticals market has been growing steadily in recent years, driven by the increasing prevalence of chronic diseases, including diabetes and hypertension.
The government has also been investing heavily in the healthcare sector as drug makers focus on more specialised drugs in areas such as oncology and rare diseases.
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.
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
Essentials
The flights
Etihad and Emirates fly direct from the UAE to Delhi from about Dh950 return including taxes.
The hotels
Double rooms at Tijara Fort-Palace cost from 6,670 rupees (Dh377), including breakfast.
Doubles at Fort Bishangarh cost from 29,030 rupees (Dh1,641), including breakfast. Doubles at Narendra Bhawan cost from 15,360 rupees (Dh869). Doubles at Chanoud Garh cost from 19,840 rupees (Dh1,122), full board. Doubles at Fort Begu cost from 10,000 rupees (Dh565), including breakfast.
The tours
Amar Grover travelled with Wild Frontiers. A tailor-made, nine-day itinerary via New Delhi, with one night in Tijara and two nights in each of the remaining properties, including car/driver, costs from £1,445 (Dh6,968) per person.
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Company%C2%A0profile
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Film: Raid
Dir: Rajkumar Gupta
Starring: Ajay Devgn, Ileana D'cruz and Saurabh Shukla
Verdict: Three stars
Other key dates
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Finals draw: December 2
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Finals (including semi-finals and third-placed game): June 5–9, 2019
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Euro 2020 play-off draw: November 22, 2019
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Euro 2020 play-offs: March 26–31, 2020
UAE currency: the story behind the money in your pockets
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
