Massive demand for Saudi online beauty retailer Nice One's $322 million IPO, generating a staggering $45 billion worth of orders
In a significant move for the Saudi Arabian tech industry, the online platform selling cosmetics, personal care products, and fragrances, Nice One, has announced the details of its initial public offering (IPO).
Nice One is offering 34.65 million shares, representing 30 percent of its share capital. This offering includes the sale of 29.15 million existing shares and the issuance of 5.5 million new shares through a capital increase.
The company aims to raise $322 million through its IPO. Interestingly, 10 percent of the offered shares will be allocated to individual investors, offering a unique opportunity for the general public to invest in the growing beauty e-commerce sector.
The institutional book-building process for Nice One's IPO attracted orders exceeding SAR 169 billion ($45 billion), indicating a strong demand for the shares. This oversubscription is 139.4 times the number of shares offered, underscoring the investor confidence in Nice One.
The retail subscription period for Nice One's IPO will run from December 24 to December 25. However, the final IPO price per share and the market capitalization of the company after the IPO have not been publicly announced yet.
Founded in 2017, Nice One has reported impressive financial figures for the first nine months of 2024. The company reported revenue of $186 million and a net profit of $17.6 million. With the IPO, the market cap of Nice One is expected to exceed SAR 4 billion ($1.06 billion).
It is worth noting that the final price for Nice One's IPO is at the top end of its previously announced range, with the share price set at SAR 35. This price places the company in a strong position to capitalize on the growing beauty e-commerce market in Saudi Arabia and beyond.
As the IPO process continues, investors and industry observers will be closely watching the developments surrounding Nice One's listing on the Saudi Exchange. For the most accurate and updated information, checking official listings on the Saudi Exchange website or recent financial news updates directly related to Nice One's IPO would be necessary.
The IPO of Nice One, an online platform for cosmetics, personal care products, and fragrances, will allow individual investors to invest in the growing beauty e-commerce sector, contributing to the finance side of the company. With the successful IPO, the market capitalization of Nice One is expected to surpass $1.06 billion, signifying significant growth in the business sector.
