Shares of Avidity Biosciences – one of Riyadh Valley Company investment portfolio companies-soared 50% in their trading debut on the Nasdaq today after pricing at the top of their initial public offering range, a sign of heightened interest from investors.
Avidity, a biotech company that the specializes in treatments for muscular disorders, priced its IPO at $18 a share late Thursday. The company sold 14.4 million shares to raise $259.2 million after twice upsizing the deal; earlier plans called for selling 10 million shares and then 12 million shares.
Avidity considers as one of the most successful investments in RVC portfolio. RVC had previously invested in Avidity Biosciences in 2017. This success contributes in supporting the purposes of Riyadh Valley Company – the investment arm of King Saud University – to achieve the Saudi Vision 2030 according to a balanced investment strategy focused on leveraging local capabilities and investing locally and internationally in companies in early and growth stages to create financial and strategic returns that will support the future of economic development.