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Saudi online retailer Nice One Beauty Digital Marketing saw its shares surge 30% on its trading debut on the Saudi Exchange (Tadawul), a day after hospital operator Almoosa Health closed 15% higher on its opening day.
The Saudi unicorn opened at 38.50 riyals ($10.26), at 10% higher from the set price of SAR 35 per share, at top of the range.
Early trade saw the shares soar to SAR 45.50, indicating a 30% surge, which is the maximum-permitted limit set by Tadawul during the first three days of newly listed stock.
Nice One’s SAR 908 million IPO was oversubscribed 139.4 times, implying a market capitalisation of over SAR 4 billion.
The company offered a free float of 34.65 million shares, representing 30% of its share capital, with 10% allocated to retail investors and 90% to institutions.
Masarrah Investment Company, Mohammed Abdulaziz Al Habib & Sons and Frontier Investment Management Partners have been named cornerstone investors, with commitments of up to 12% of the IPO.
EFG Hermes KSA and SNB Capital are joint financial advisors, bookrunners, and underwriters. SNB Capital serving as lead manager.
(Reporting by Bindu Rai, editing by Seban Scaria)
