DUBAI - Saudi pharmaceutical manufacturer Middle East Pharmaceutical Industries Company, known as Avalon Pharma, on Sunday said it would sell shares on the Saudi Exchange's Main Market through an initial public offering (IPO).

The company has received approval to offer six million shares, or 30% of its issued share capital, with final pricing to be determined following a Jan. 14-18 book-building period, a company statement said.

Headquartered in Riyadh, Avalon Pharma's main activities include the development, manufacturing, and marketing of consumer health and beauty brands as well as generic prescription medicines.

Aldukheil Financial Group has been appointed financial adviser and bookrunner for the IPO while Alinma Investment is acting as lead manager.

(Reporting by Rachna Uppal Editing by Tomasz Janowski)