Nice One Beauty Digital Marketing Co. is preparing to launch an initial public offering (IPO) of 30% of its share capital on the Saudi Exchange, establishing the price range for its shares between 32 and 35 Saudi riyals. The beauty and care e-commerce leader in Saudi Arabia plans to issue a total of 34,650,000 ordinary shares, which includes 29,150,000 existing shares and 5,500,000 new shares as per a release on December 1.
Initially, 100% of the shares will be set aside for institutional investors, with up to 10% provisioned for retail investors if demand supports it. Founded in 2017, Nice One has evolved into Saudi Arabia's premier online platform for a diverse array of beauty and personal care products, claiming impressive revenue figures of 782.4 million riyals in 2023, alongside over 2.9 million processed orders and a growing customer base exceeding 1.4 million.
Chief Executive Officer and Co-founder Omar Al Olayan stated, "As we embark on the next exciting chapter with our IPO, we are poised to build on this strong foundation and accelerate our growth. Our strategy focuses on expanding our brand portfolio, enhancing technological capabilities, and continuing to deliver exceptional value to our customers." The final price per share will be set after the conclusion of the institutional bookbuilding period, scheduled to run until December 8.
An announcement regarding the final pricing is anticipated on December 15. Following the offering, Nice One's shares will be listed on the main market of the Saudi bourse. EFG Hermes KSA and SNB Capital are acting as joint financial advisers, bookrunners, and underwriters for the IPO, with SNB Capital also serving as the lead manager..