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Saudi online beauty brand Nice One has set its final offer price at 35 riyals ($9.31) per share, at top of the range, implying a market capitalisation exceeding SAR 4 billion ($1.06 billion) at listing.
The orders recorded during the institutional book-building topped SAR 169 billion, representing a coverage of 139.4 times.
The offering consists of 34.65 million ordinary shares, split between 29.15 million existing shares held by the company’s shareholders on a pro-rata basis, and the issuance of 5.5 million new shares through a capital increase.
The retail subscription period will commence on 24 December 2024 and end on 25 December 2024.
Earlier this month, Masarrah Investment Company, Mohammed Abdulaziz Al Habib & Sons and Frontier Investment Management Partners were named cornerstone investors, with commitments of up to 12% of the $323 million IPO.
The offer shares will be listed and traded on the Saudi Exchange’s Main Market following the completion of the formalities with the Capital Market Authority.
EFG Hermes KSA and SNB Capital Company have been appointed as joint financial advisors and bookrunners. SNB Capital will also serve as the lead manager.
The Saudi online cosmetics retailer was founded by two brothers, Omar AlOlayan and Abdulrahman AlOlayan. The proceeds of the primary component will support capex, brands and sales channels and will develop logistics and technology capabilities.
(Writing by Bindu Rai, editing by Brinda Darasha)
