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Saudi online beauty firm Nice One’s final share price set at 35 Saudi riyals

IPO was oversubscribed 139.4 times

Published: Tue 31 Dec 2024, 8:34 PM

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Nice One Beauty Digital Marketing Company, the leading beauty and care e-commerce platform in Saudi Arabia, has announced the successful completion of the individual investor offering period and the final allotment of the offered shares in relation to its initial public offering.

Following the successful completion of the institutional book-building period, which set the final offer price at 35 Saudi Riyals per share and resulted in an oversubscription of 139.4 times of the total offered shares. The individual investors’ offering took place from December 24 to 25.

The final offer price implies a market capitalisation exceeding 4 billion Saudi riyals (approximately more than $1 billion) at listing, making Nice One the first unicorn tech company to debut on the main market of the Saudi Exchange. Following the listing, the company is expected to have a free float of 30 per cent (34,650,000) of its total Shares (115,500,000).

The company’s shares will be listed and traded on the Saudi Exchange’s main market following the completion of the offering and listing formalities with both the CMA and the Saudi Exchange.

A total of 3,465,000 were allocated to individual investors tranche, representing 10 per cent of the total offer shares. The offering saw 418,116 individual investors place orders totaling 908 million Saudi riyals, reflecting a subscription coverage of 7.5 times for this tranche.

The company allocated a minimum of eight shares to each individual investor, with the remaining shares allocated on a pro-rata basis, based on the size of demand, with an average allocation factor of 0.5313%.

Based on the results of the retail subscription process, the shares allocated to participating parties will be reduced to 31,185,000 shares, representing 90 per cent of the total offer shares, provided that such clawback shall not apply to the cornerstone investors and the final allocation to the cornerstone investors shall be 4,331,250 offer shares in all cases. Accordingly, 26,853,750 shares of the offer shares will be allocated to the participating parties excluding the offer shares allocated to the cornerstone investors.



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