Arab Finance: EFG Hermes has completed its advisory role on the initial public offering (IPO) of Nice One Beauty, as per an emailed press release.
The transaction marks the first listing of a unicorn technology company on the main Saudi Exchange and establishes Nice One as the first e-commerce platform to achieve this milestone.
Nice One offered 30% of its total issued share capital, selling 34.65 million shares at SAR 35 per share. The offering, valued at $323 million, implies a market capitalization of SAR 4 billion.
The IPO generated significant interest, with the book covered approximately 139.4 times. The company's shares began trading today under the ticker "NICE ONE."