Baker McKenzie and AS&H Clifford Chance have advised parties in connection with the initial public offering (IPO) of Nice One Beauty Digital Marketing Company on the main market of the Saudi Exchange.
Baker McKenzie acted as legal counsel for Nice One, the first unicorn technology company to list on the Kingdom’s premier exchange, whilst AS&H Clifford Chance represented the financial advisors, bookrunners, underwriters, and lead manager, according to the IPO prospectus.
EFG Hermes KSA and SNB Capital were joint financial advisors, bookrunners, and underwriters. SNB Capital served as lead manager.
Nice One offered 34.65 million shares, representing 30% of its total share capital, on Tadawul. The final offer price was set at SAR 35 per share resulting in a market capitalisation exceeding SAR 4 billion.
The offering raised approximately SAR 1.21 billion (US$323 million).
During the institutional book building process, all of the offer shares were allocated to participating institutional investors, the institutional tranche being covered 139.4 times. The offering was also met with strong demand from the retail investors, resulting in the retail tranche being covered 7.9 times.
Nice One, established in 2017, is an e-commerce platform specialising in beauty products, offering a wide range of makeup, skincare, fragrances, and home scents to clients across Saudi Arabia.
Baker McKenzie counsel Nadine Nassar who led the firm’s involvement on the transaction, said: “We are proud to have supported Nice One on this significant milestone in its growth journey. The successful IPO reflects the strength of the company’s brand and its continued leadership in the beauty e-commerce space. The transaction also highlights the growing attractiveness of Saudi Arabia’s capital markets to investors.”
Nice One is the second company to list on Saudi Arabia’s main market this year. It was reported earlier this week that Almoosa Health Company had floated on Tadawal, with legal counsel for the company provided by Latham & Watkins and Mohammed AlDhabaan and Partners Eversheds Sutherland advising the financial advisors, bookrunners, underwriters, and lead manager.
Saudi Arabia’s capital markets are experiencing significant activity under the Kingdom’s ambitious economic diversification plan fueling investment and growth across various sectors.
