Nice One Beauty Aims to Raise US$322 Million in Riyadh IPO
The KSA-headquartered beauty and care e-commerce retailer is offering 30 percent of its share capital.
Nice One Beauty, a leading beauty and care e-commerce platform based in Saudi Arabia, is set to launch an initial public offering (IPO) in Riyadh, targeting up to SAR 1.21 billion (US$322 million) by offering 34.6 million shares, equivalent to 30 percent of its share capital, with a price range set between SAR 32 and SAR 35 per share.
This decision comes after approval by the Saudi Capital Market Authority (CMA) in September. Approximately 34.6 million shares, representing 25.24 percent of the company's ownership, will be made available. This will be done through the sale of 29.1 million existing ordinary shares by the company’s current shareholders on a pro-rata basis, along with the issuance of 5.5 million new shares (4.76 percent of the company’s capital) through a capital increase.
The Saudi beauty care company launched the institutional book-building period for participating parties on December 1 and will close on December 8.
Founded in 2016 by the brothers Omar and Abdulrahman Alolayan, Nice One Beauty offers an extensive selection of beauty and personal care products. From cosmetics and fragrances to skincare, haircare, body care essentials, contact lenses, and nutritional supplements, the platform caters to diverse beauty and wellness needs. It includes products from more than 1,200 top international and local brands, complemented by Nice One’s exclusive in-house collections.
A total of 34,650,000 ordinary shares, representing the full offering, will initially be allocated to participating parties, with final allocations made after the retail subscription period. If there is strong demand from retail investors, up to 3,465,000 shares, or 10 percent of the total offer, will be allocated to them. Once the offering and listing procedures with the CMA and the Saudi Exchange are completed, the offer shares will be listed and traded on the Saudi Exchange's Main Market, Tadawul.
For the IPO, the Saudi beauty retailer selected EFG Hermes KSA and SNB Capital Company as joint financial advisors, bookrunners, and underwriters.
The company has appointed SNB Capital as the lead manager for the offering, supported by a wide network of receiving agents for retail investors, including SNB Capital, SAB Invest, Al Rajhi Capital, Saudi Fransi Capital, Alinma Investment, Riyad Capital, AlJazira Capital, Alistithmar Capital, AlBilad Capital, ANB Capital, Derayah Financial Company, Yaqeen Capital, Alkhabeer Capital, and Sahm Capital.
