Saudi Digital Beauty Firm's Shares Soar On Market Debut

The offering consisted of 34.65 million ordinary shares, 90 per cent of which were allocated to institutional investors. The orders recorded during the institutional book-building exceeded 169 billion Saudi riyals (approximately more than $45 billion), representing a coverage of 139.4 times. The rest were allocated to the individual investors tranche. 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 final offer price was set at 35 Saudi riyals per share, at the top end of the price range, with the company successfully raising gross process of approximately 1.21 billion Saudi riyals with an implied market exceeding 4 billion Saudi riyals at listing.

Omar Al Olayan, CEO & Co-founder commented:“Today marks a historic milestone for Nice One as we officially list on the Saudi Exchange's Main Market. Becoming the first unicorn tech company to debut in this space is a testament to our team's dedication, our customers' trust, and the confidence of our investors. This is not just an achievement for Nice One but also for Saudi Arabia's vibrant tech and e-commerce ecosystem. As we embark on this new chapter, we are committed to driving innovation, delivering exceptional customer experiences, and creating long-term value for our shareholders.”

Abdularahman Al Olayan, CMO & Co-founder commented:“This moment is a celebration of Nice One's journey from a visionary startup to the first unicorn tech company listed on the Saudi Exchange's Main Market. It reflects our relentless focus on understanding and meeting customer needs, leveraging digital innovation, and fostering trust with our partners and investors. We are excited to continue leading the beauty e-commerce sector, expanding our offerings, and shaping the future of retail in the Kingdom and beyond.”