News Summary
Nice One Beauty Digital Marketing recently raised $322 million in its IPO on the Saudi stock exchange, oversubscribed by 7.9 times. With plans for further expansion, it has established itself as the largest beauty e-commerce platform in Saudi Arabia. The success of this IPO marks a significant milestone for the beauty and tech sectors, inspiring optimism for future market activities.
Nice One Beauty Digital Marketing Makes Waves with $322 Million IPO on Saudi Stock Exchange
In a remarkable turn of events on the Saudi stock exchange, Nice One Beauty Digital Marketing has successfully raised a whopping 322 million dollars in its initial public offering (IPO). This milestone comes as part of the company’s growth strategy, and it has certainly caught the attention of the beauty and tech sectors.
Oversubscription Highlights Enthusiasm
The IPO was resoundingly oversubscribed by a factor of 7.9 times, with the total order book reaching SAR908 million, equivalent to about 242 million dollars. Retail investors were treated to a tranche of 3.47 million shares, which made up 10% of the total offering, priced at SAR35 per share.
Individual investors were excited to learn they are guaranteed a minimum allocation of eight shares, with any extra shares being distributed on a pro-rata basis according to demand. Meanwhile, institutional subscriptions were on fire, attracting a staggering 139.4 times oversubscription. Orders in this category surpassed SAR169 billion, translating to a phenomenal 45 billion dollars. It’s safe to say that both individual and institutional investors see great potential in this beauty e-commerce giant!
Expanding the Beauty Landscape
Nice One has firmly established itself as the largest beauty and personal care e-commerce platform in Saudi Arabia. The firm plans to offer 30% of its shares to raise funds which it will likely utilize to expand and innovate within the market. With an impressive base of 4 million registered customers, the business has achieved remarkable sales success, with an eye-popping 95% of transactions taking place through its mobile app.
In its latest report from Q1 2024, the company revealed revenues of SAR250 million, showcasing a remarkable year-on-year growth rate of 61%. Clearly, the numbers portray a potent mix of determination and profitability!
A Busy Year for the Gulf IPO Scene
2024 has proven to be a busy year for IPOs across the Gulf Cooperation Council (GCC) countries, with a remarkable 48 IPOs executed so far. Out of these, 38 have taken place in Saudi Arabia alone, raising a total of 12.1 billion dollars. Notably, 27 of these IPOs were listed on Nomu, the secondary market that caters to smaller businesses, offering newfound opportunities for those companies to grow.
A Groundbreaking Achievement
Nice One is particularly special as it has become the first listed unicorn technology company on Saudi Arabia’s Main Market, and it will be publicly traded under the ticker symbol 4193. This achievement aligns with the country’s Vision 2030 economic reform initiative that seeks to diversify its economy and promote ambitious capital market reforms.
Voices Behind the Success
The co-founder of Nice One, Omar Al Olayan, expressed feelings of pride regarding the company’s groundbreaking presence as the first tech unicorn to debut on the Main Market. With a passionate commitment toward establishing itself as a leader in the ground-breaking beauty e-commerce sector, Abdularahman Al Olayan, the company’s chief marketing officer, emphasized their plans to expand offerings further in the near future.
Looking Ahead in the Beauty Sector
The beauty industry within the region looks set for exhilarating growth, and observers are anticipating increased deal activities. Following behind Nice One’s success, other companies, such as Huda Beauty, are also beginning to explore new sales opportunities, possibly hinting at a vibrant future for everyone involved.
Taking a moment to appreciate the local talent and industry vitality, the IPO of Nice One Beauty Digital Marketing is certainly a landmark event. Its successful debut not only sets a precedent but also inspires confidence in the beauty and tech industries moving forward. Here’s to raising the bar and adding more sparkle to the beauty landscape!
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Additional Resources
- Arabian Business
- Wikipedia: Nice One Beauty
- Bloomberg
- Google Search: Nice One Beauty IPO
- Reuters
- Google Scholar: Nice One Beauty IPO
- MarketWatch
- Encyclopedia Britannica: Saudi Arabia IPO
- CNBC
- Google News: Nice One IPO
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