Yesterday, Saudi Arabian online cosmetics retailer Nice One Beauty has announced plans for an initial public offering (IPO) in Riyadh, aiming to raise up to 1.21 billion riyals ($322 million). The company will offer a 30% stake, pricing shares between 32 and 35 riyals each. At the upper limit, Nice One would be valued at 4 billion riyals. Institutional bookbuilding for the IPO is set to close on December 8, with EFG Hermes and SNB Capital serving as joint financial advisers.
Founded in 2016, Nice One has rapidly established itself as a prominent player in the region’s beauty sector. Its IPO is part of a broader trend of increased listing activity in Saudi Arabia, where companies have collectively raised approximately $3 billion this year. 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 on 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, 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 including Bioderma, Maybelline, , along with Nice One’s own exclusive brands.
The regional beauty industry is witnessing notable developments, with Dubai-based Huda Beauty reportedly exploring a sale of its growing perfume business.
