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Saudi online retailer Nice One Beauty Digital Marketing will start trading on the Saudi Exchange (Tadawul) from January 8, marking the second major IPO in the kingdom for 2025 following the debut of hospital operator Almoosa Health on Tuesday.
The 908 million Saudi riyals ($242 million) IPO saw the company set the final price at SAR 35 per share, at top of the range, resulting in an oversubscription of 139.4 times of the total offered shares and implying a market capitalisation of over SAR 4 billion.
The individual investors tranche was 3.46 million offer shares, representing 10% of the total offering.
The offering saw 418,116 individual investors place orders, reflecting a subscription coverage of 7.50 times for this tranche.
Following the listing, the company is expected to have a free float of 30% of 34.65 million shares of its total offering of 115.5 million shares.
Masarrah Investment Company, Mohammed Abdulaziz Al Habib & Sons and Frontier Investment Management Partners have been added as cornerstone investors, with commitments of up to 12% of the IPO.
The proceeds of the IPO will support capex, brands and sales channels and will develop logistics and technology capabilities.
EFG Hermes KSA and SNB Capital Company were joint financial advisors, bookrunners, and underwriters. SNB Capital also served as the lead manager.
(Writing by Bindu Rai, editing by Seban Scaria)
