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Nice One Beauty, a leading beauty care e-commerce platform in Saudi Arabia, is set to launch an initial public offering (IPO) in Riyadh, aiming to raise up to SAR1.21 billion ($322 million). It is offering 34.6 million shares (30% of the share capital) for a price range of SAR32 to SAR35 per share.
Additionally, the Saudi beauty care also began the commencement of the institutional book-building period for participating parties.
Announcing the price range for its IPO, Nice One Beauty said a total of 34.6 million shares (30% of share capital) is being offered.
The institutional book-building period for participating parties began today (December 1) and will close at 2pm (KSA time) on December 8.
This move comes following the go-ahead from Capital Market Authority (CMA) in September this year for the IPO. A total of 34.6 million shares (around 25.24% of the company's stake) will be on offer.
This will be done through sale of 29.1 million ordinary shares of the existing stake by the company's existing shareholders on a pro-rata basis, and the issuance of new shares totalling 5.5 million shares (4.76% of the company’s capital) through a capital hike.
A leading beauty and care e-commerce platform in the kingdom, Nice One Beauty's product range includes cosmetics, body care items, lenses, perfumes, skincare and haircare products, as well as nutritional supplements.
These offerings feature more than 1,200 leading international and local brands, along with Nice One’s own exclusive brands.
According to Nice One, the company had obtained the necessary approvals from the CMA and Saudi Exchange to proceed with the offering and listing process. These shares will be offered for subscription to individual subscribers and participating parties.
A maximum of 34,650,000 ordinary shares (representing 100% of the offer shares), will be allocated to the participating parties initially, with the final allocation being made after the end of the retail subscription period.
In the event of sufficient demand from retail investors, they will be allocated a maximum of 3,465,000 ordinary shares representing 10% of the offer shares.
The Offer Shares will be listed and traded on the Saudi Exchange’s Main Market following the completion of the Offering and listing formalities with both the CMA and the Saudi Exchange, it added.
For the IPO, the Saudi beauty retailer had appointed EFG Hermes KSA and SNB Capital Company as the joint financial advisors (Financial Advisors), bookrunners and underwriters.
The Company also appointed SNB Capital as the lead manager), while 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 are acting as receiving agents for retail investors.-TradeArabia News Service