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Saudi Arabian online cosmetics retailer Nice One Beauty plans to raise as much as 1.21 billion riyals ($322 million) with an initial public offering in Riyadh, adding to a flurry of listings in the kingdom this year.
The firm will offer a 30 percent stake at 32 riyal to 35 riyals per share, according to a statement on Sunday. At the top end of that price range, the firm would be valued at 4 billion riyals.
Institutional bookbuilding will run until Dec. 8. EFG Hermes and SNB Capital are joint financial advisers on the transaction.
Deal activity in the beauty sector is set to pick up in the region, with Dubai-based cosmetics firm Huda Beauty also exploring the sale of its fast-growing perfume business.
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Founded in 2016, Nice One is the latest in a series of IPOs across the kingdom, which have raised about $3 billion this year. A handful of other digital services firms have been weighing plans to list in Saudi, including buy-now-pay-later fintech unicorn Tabby and online florist Floward.
Overall in the Middle East, firms have raised about $10 billion from new share sales in 2024. Saudi hospital operator Almoosa has also unveiled plans to list.
By Laura Gardner Cuesta
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