Logo of Middle East Pharmaceutical Industries Co. (Avalon Pharma)
Middle East Pharmaceutical Industries Co. (Avalon Pharma) will start trading on the main market (TASI) on Feb. 27 under the symbol 4016 and ISIN code SA160G51UO10.
The stock will have daily and static price fluctuation limits of ±30% and ±10%, respectively. These limits will apply during the first three days of listing, Tadawul said in a statement today, Feb. 25.
From the fourth trading day onwards, the daily price fluctuation limits will revert to ±10%, while the static price fluctuation limits will no longer apply, the statement added.
Avalon Pharma floated 6 million shares on the main market at SAR 82 each. The retail offering was 54.3x covered. A minimum of two shares were allocated per substantial subscriber, according to Argaam's data.
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