RIYADH - Avalon Pharma has announced its intention to launch an initial public offering (IPO) on the Saudi Stock Exchange (Tadawul), signaling a continuation of the recent IPO fervor within the region. The pharmaceutical company, a key player in Saudi Arabia's healthcare sector, is planning to offer up to 6 million shares to the public from January 14 to January 18. Avalon Pharma, established in 1998, has made significant strides in the competitive pharmaceutical industry of Saudi Arabia. The decision to go public follows a wave of successful IPOs on Tadawul, which has included prominent listings such as MBC Group, which raised $222 million, and Ades Holding, marking the largest IPO at $1.2 billion. Moreover, the pharmaceutical sector in Saudi Arabia is on a trajectory of growth, with projections indicating that the market could reach a valuation of $10.6 billion by 2028.

Source: The North Africa Journal January 07, 2024 14:36 UTC