Nice One Beauty Digital Marketing Company raised SAR1.21 billion ($322.67 million) in its initial public offering on Saudi Arabia’s Main Market, marking the first listing of a unicorn technology company on the Kingdom’s premier exchange.
The beauty and personal care e-commerce platform priced its offering of 34.65 million shares at SAR35 each, at the top end of its indicated range, giving the company an implied market value of more than SAR4 billion at listing.
Institutional demand proved robust, with orders exceeding SAR169 billion ($45 billion), representing a coverage ratio of 139.4 times for the institutional tranche, which made up 90 per cent of the offering. The retail portion attracted 418,116 individual investors who placed orders totalling SAR908 million, oversubscribing their allocation by 7.5 times.
“Today marks a historic milestone for Nice One as we officially list on the Saudi Exchange’s Main Market,” CEO and co-founder Omar Al Olayan, said in a statement.
“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.”
The company’s CMO and co-founder, Abdularahman Al Olayan, highlighted the firm’s evolution from startup to the first unicorn tech company to be listed on the Saudi Exchange’s Main Market.
“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.”
The shares began trading under the ticker symbol 4193 on the Saudi Exchange, formerly known as Tadawul.
The listing represents a significant milestone in Saudi Arabia’s efforts to diversify its capital markets under the Kingdom’s Vision 2030 economic reform programme.
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