Saudi beauty ecommerce platform Nice One has set the final price for its initial public offering at SAR 35 per share, the company announced last week. The price, which is at the top end of its previously announced range, implies a market cap of over SAR 4 billion ($1.06 billion).
The institutional book-building process attracted orders exceeding SAR 169 billion ($45 billion), representing an oversubscription of 139.4 times. The company aims to raise $322 million through the IPO.
Nice One is offering 34.65 million shares, representing 30 percent of its share capital. The offering includes the sale of 29.15 million existing shares and the issuance of 5.5 million new shares through a capital increase.
The retail subscription period will run from December 24 to December 25, with 10 percent of the offered shares allocated to individual investors.
Founded in 2017 by Omar and Abdulrahman AlOlayan, Nice One operates an online platform selling cosmetics, personal care products, and fragrances. The company reported revenue of $186 million for the first nine months of 2024, with a net profit of $17.6 million.
EFG Hermes KSA and SNB Capital are serving as joint financial advisors, bookrunners, and underwriters for the offering. The shares will be listed on Saudi Exchange’s Main Market (Tadawul) following completion of listing formalities.
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