Saudi Arabia online beauty retailer, Nice One, has set its final offer price at SAR 35 ($9.31) per share, marking the top of its price range. This pricing implies a market capitalisation of over SAR 4 billion ($1.06 billion) upon listing.
The IPO has garnered significant interest, with institutional book-building orders surpassing SAR 169 billion, representing an impressive 139.4 times oversubscription.
IPO Details:
- Total Offering: 34.65 million shares, comprising 29.15 million existing shares held by the company shareholders and 5.5 million new shares through a capital increase.
- Retail Subscription Period: December 24 to December 25, 2024.
Cornerstone Investors:
Earlier this month, prominent investors including Masarrah Investment Company, Mohammed Abdulaziz Al Habib & Sons, and Frontier Investment Management Partners were secured as cornerstone investors, committing up to 12% of the IPO, valued at $323 million.
Use of Proceeds:
The funds raised from the IPO primary component will be utilized to support capital expenditures (capex), enhance brands and sales channels, and further develop logistics and technology capabilities.
Listing:
The company will be listed on the Saudi Exchange Main Market following the completion of regulatory formalities with the Capital Market Authority.
Advisors:
EFG Hermes KSA and SNB Capital Company have been appointed as joint financial advisors and bookrunners, with SNB Capital also serving as the lead manager.
Founded by brothers Omar AlOlayan and Abdulrahman AlOlayan, Nice One aims to expand its reach and solidify its position in the growing beauty and cosmetics sector across Saudi Arabia and beyond.
