Shares of Saudi-based online retailer Nice One Beauty Digital Marketing increased by 30% on its first trading day on the Saudi Exchange (Tadawul).

During early trading, the share price rose to 45.50 Saudi riyals (around US$12.10) up from its initial public offering (IPO) price of 35 Saudi riyals (around US$9.31), hitting the maximum limit for new stocks in their first three trading days on Tadawul.

The IPO raised 908 million Saudi riyals (around US$242 million) and saw an oversubscription rate of 139.4 times, valuing the company at over 4 billion Saudi riyals (around US$1.07 million).

The company offered 34.65 million shares, which represent 30% of its total share capital, with 90% allocated to institutional investors and 10% a retail investors

Cornerstone investors, including Masarrah Investment Company, Mohammed Abdulaziz Al Habib & Sons, and Frontier Investment Management Partners, contributed up to 12% of the IPO.