Saudi-based Middle East Pharmaceutical Industries Company, known as Avalon Pharma, has set the price for its planned initial public offering (IPO) at 78 to 82 Saudi riyals ($20.80-21.87), it said on Thursday.

The company will offer six million shares, or 30% of its issued share capital, on the Saudi Exchange's Main Market.

The final pricing will be determined following a Jan. 14-18 book-building period, it said in a statement.

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.

($1 = 3.7501 riyals)

(Reporting by Federico Maccioni; editing by Jason Neely)