Saudi Nice One Beauty IPO Held

Nice One Beauty, a leading beauty care e-commerce platform in Saudi Arabia, held an initial public offering (IPO) in Riyadh, aiming to raise up to SAR1.21 billion (US$322.02 million). It offered 34.6 million shares (30% of the share capital) for a price range of SAR32 (US$8.52) to SAR35 (US$9.31) per share. Additionally, the Saudi beauty care also began the commencement of the institutional book-building period for participating parties. A total of 34.6 million shares (30% of share capital) was offered. The institutional book-building period for participating parties began on December 1 and closed at 2pm (KSA time) on December 8.

This move came following the go-ahead from Capital Market Authority (CMA) in September this year for the IPO. A total of 34.6 million shares (around 25.24% of the company's stake) was on offer. This was done through sale of 29.1 million ordinary shares of the existing stake by the company's existing shareholders on a pro-rata basis, and the issuance of new shares totalling 5.5 million shares (4.76% of the company’s capital) through a capital hike.

A leading beauty and care e-commerce platform in the kingdom, Nice One Beauty's product range includes cosmetics, body care items, lenses, perfumes, skincare and haircare products, as well as nutritional supplements. These offerings featured more than 1,200 leading international and local brands, along with Nice One’s own exclusive brands. According to Nice One, the company had obtained the necessary approvals from the CMA and Saudi Exchange to proceed with the offering and listing process. These shares will be offered for subscription to individual subscribers and participating parties. The Offer Shares will be listed and traded on the Saudi Exchange’s Main Market following the completion of the Offering and listing formalities with both the CMA and the Saudi Exchange, it added.

For the IPO, the Saudi beauty retailer had appointed EFG Hermes KSA and SNB Capital Company as the joint financial advisors (Financial Advisors), bookrunners and underwriters. The Company also appointed SNB Capital as the lead manager), while SNB Capital, SAB Invest, Al Rajhi Capital, Saudi Fransi Capital, Alinma Investment, Riyad Capital, AlJazira Capital, Alistithmar Capital, AlBilad Capital, ANB Capital, Derayah Financial Company, Yaqeen Capital, Alkhabeer Capital and Sahm Capital are acting as receiving agents for retail investors.