Riyadh-based pharmaceutical company <a href="https://www.thenationalnews.com/business/economy/2024/01/07/saudi-arabias-avalon-pharma-to-list-30-stake-on-tadawul/" target="_blank">Avalon Pharma </a>on Thursday said the price range for its <a href="https://www.thenationalnews.com/business/energy/2023/05/25/adnoc-ls-ipo-company-set-to-raise-769m-from-oversubscribed-offering/" target="_blank">initial public offering</a> 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<a href="https://www.thenationalnews.com/business/energy/2023/08/28/saudi-pif-backed-oil-and-gas-driller-ades-to-list-30-stake-on-tadawul/" target="_blank"> Tadawul stock exchange </a>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.