Beauty retailer to debut on Saudi Exchange with $242m IPO

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Beauty retailer to debut on Saudi Exchange with $242m IPO

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Saudi Arabia-based online retailer Nice One is set to start trading on the Saudi Exchange (Tadawul) on Wednesday.

This follows a highly successful IPO valued at 908 million Saudi riyals (around US$242 million) and priced at 35 Saudi riyals (around US$9) per share.

The IPO garnered significant interest, with an oversubscription rate of 139.4 times, leading to a market capitalization exceeding 4 billion Saudi riyals (around US$1 billion).

Of the offering, 3.46 million shares were allocated to individual investors, representing 10% of the IPO and achieving a subscription rate of 7.5 times.

Nice One will have a 30% free float post-listing, equating to 34.65 million shares, with notable cornerstone investors committing up to 12% of the IPO.

Proceeds will fund infrastructure upgrades, brand investments, sales channel expansion, and logistics and technology development.

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