Shares of Saudi online retailer Nice One Beauty Digital Marketing rose by 30% on its first day of trading on the Saudi Exchange (Tadawul). The stock opened at SAR 38.50 ($10.26) per share, 10% above its initial public offering (IPO) price of SAR 35, the upper limit of the price range.
In early trading, the stock hit SAR 45.50, up 30% —the maximum daily limit allowed by Tadawul for newly listed stocks during their first three trading days.
The company’s SAR 908 million IPO was oversubscribed 139.4 times, giving Nice One a market valuation exceeding SAR 4 billion. The IPO involved a free float of 34.65 million shares, representing 30% of the company’s share capital. Of this, 10% was allocated to retail investors, with the remaining 90% assigned to institutional investors.
Key cornerstone investors in the IPO include Masarrah Investment Company, Mohammed Abdulaziz Al Habib & Sons, and Frontier Investment Management Partners, with commitments covering up to 12% of the total offering.