Retail orders for IPO of Saudi’s Nice One hit $242m

• 7.9 times oversubscribed
• Subscriptions of 3.47m shares
• 10% of IPO at SAR35 per share

The retail tranche of Nice One Beauty Digital Marketing’s initial public offering on the Saudi stock exchange was 7.9 times oversubscribed, with the order book reaching SAR908 million ($242 million).

SNB Capital Company, the lead manager for the IPO, said the two-day subscription included 3.47 million shares, representing 10 percent of the IPO, at SAR35 per share.

Individual investors will receive a minimum of eight shares each. The remaining will be allocated pro-rata based on the size of the individual investor’s request.

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The institutional subscription, which ended last week, was 139.4 times oversubscribed with orders exceeding SAR169 billion ($45 billion).

Nice One, the largest beauty and personal care ecommerce platform in Saudi Arabia, is offering 30 percent of its shares and aims to raise $322 million through the IPO.

Nice One has 4 million registered customers. Ninety-five percent of its sales are through its app. 

In Q1 this year, it reported SAR250 million in revenue, a year-on-year increase of 61 percent.

There were 48 IPOs in the six GCC countries this year, with 38 in Saudi Arabia, according to analysis by AGBI. They raised a total of $12.1 billion in 2024, with high subscription levels demonstrating strong investor interest in the Gulf’s oil and non-oil economies.

Of Saudi Arabia’s 38 IPOs, 27 were by companies that subsequently listed on Nomu, Riyadh’s secondary market for smaller businesses.