{"id":83741,"date":"2024-02-26T00:00:00","date_gmt":"2024-02-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/26\/avalon-pharma-to-make-tadawul-debut-tomorrow\/"},"modified":"2024-02-26T00:00:00","modified_gmt":"2024-02-26T00:00:00","slug":"avalon-pharma-to-make-tadawul-debut-tomorrow","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/26\/avalon-pharma-to-make-tadawul-debut-tomorrow\/","title":{"rendered":"Avalon Pharma to make Tadawul debut tomorrow"},"content":{"rendered":"

Drugmaker <\/strong>Avalon Pharma<\/a><\/strong> will ring the bell on Tadawul\u2019s main market <\/strong>tomorrow<\/strong> as shares from its SAR 492 mn IPO start trading, according to a regulatory filing<\/a> yesterday. The offering saw heavy demand<\/a> from retail and institutional investors.<\/p>\n

About the IPO:<\/strong>Avalon Pharma has sold 6 mn shares<\/a>, good for a 30% stake in the company. Some 90% of the offering was earmarked for institutional investors.<\/p>\n

Shares will open at SAR 82 apiece<\/strong>, valuing the drugmaker<\/a> at SAR 1.6 bn at listing after its IPO was priced at the top range earlier this month. The retail offering was 54.3x oversubscribed with demand totalling c. SAR 2.7 bn earlier in February. The institutional offering was also very heavily oversubscribed.<\/p>\n

Shares will be allowed to trade in a \u00b130% band on each of the first three days<\/strong> before being capped at no more than 10% up or down after that before circuit breakers kick in. (All shares on Tadawul are subject to the 10% up-or-down rule.)<\/p>\n

REMEMBER-<\/strong> Avalon is set to become Tadawul\u2019s second listing this year after regional broadcaster MBC made its debut in January with a USD 222 secondary sale.<\/p>\n

About Avalon<\/strong>: The Riyadh-headquartered company develops, makes, and markets a portfolio of consumer health and cosmetic brands, in addition to generic medications. The drugmaker has 70 brands including Alpha Plus, Avalon Care, and Avogain, along with 250 SKUs, according to its intention to float (pdf)<\/a>. Avalon claims a 9% market share in the dermatology and respiratory therapeutic products markets, along with a 45% success rate in the 160 public tenders it has pursued in the past four years.<\/p>\n

ADVISORS-<\/strong>Aldukheil Financial Group (AFG)<\/strong> is quarterbacking the transaction as financial advisor and bookrunner, Alinma Investment<\/strong> is lead manager and underwriter, Alinma Bank<\/strong> and SNB<\/strong> are receiving agents, and Mohammed Al-Dabaan and Partners<\/strong> is the legal advisor. KPMG<\/strong> is the financial auditor while PwC<\/strong> is financial due diligence advisor.<\/p>\n

\n

IN OTHER IPO NEWS-<\/p>\n

Real estate developer Kinan has delayed its planned IPO on Nomu<\/strong>, Tadawul\u2019s secondary market, financial advisor and lead manager Saudi Fransi Capital said in a disclosure<\/a> yesterday. Kinan had been set to sell a 3.6 mn shares to qualified investors starting yesterday. <\/p>\n

What gives? <\/strong>Saudi Fransi Capital said \u201cthere have been developments in which the company will prepare and disseminate a supplementary prospectus to provide updated information.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: Real estate developer Kinan delays planned Nomu IPO<\/p>\n","protected":false},"author":1,"featured_media":83742,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2542],"tags":[1220,72,371,764,10,29,930,1222,1221,369,1219,786,200,258,2452],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-aldukheil-financial-group","tag-alinma-bank","tag-alinma-investment","tag-avalon-pharma","tag-enterpriseam-ksa","tag-ipo-watch","tag-kinan-real-estate","tag-kpmg","tag-mohammed-al-dabaan-and-partners","tag-nomu","tag-pharmaceuticals","tag-pwc","tag-saudi-fransi-capital","tag-snb","tag-tadawul","wpautop","entry"],"acf":{"mongo_id":"c6446c1b-9de2-48e0-be5a-1b6eca08df40","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/2595.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Avalon Pharma to ring the bell on Tadawul tomorrow","related_issue":[83736],"teaser":"Plus: Real estate developer Kinan delays planned Nomu IPO","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.0fc9c3e3-baa9-4107-8947-b7f7e5fbed85.mp3"},"yoast_head":"\nAvalon Pharma to make Tadawul debut tomorrow - 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