Baker McKenzie Advised Saudi Beauty E-Commerce Giant Nice One On Successful IPO
Baker McKenzie Advised Saudi Beauty E-Commerce Giant Nice One on Successful IPO
Baker McKenzie has served as legal counsel to Nice One Beauty Digital Marketing Company (“Nice One”), a leading Saudi-based e-commerce platform specializing in beauty products, on its successful Initial Public Offering (IPO) on the Tadawul Main Market.
The Baker McKenzie team provided comprehensive legal support throughout the process, which included the listing of Nice One's shares on Tadawul and the public offering of 34,650,000 ordinary shares, representing 30% of the Company’s share capital. The shares were priced at SAR 35 per share (approximately USD 9.31), giving the company a market capitalization of over SAR 4 billion (roughly USD 1 billion) at listing. The offering raised SAR 1,212.75 million (around USD 323.4 million). Nice One was successfully listed on January 8, 2025, after receiving approval from the Capital Market Authority on September 25, 2024. Founded in 2017, Nice One is the largest e-commerce platform for beauty products in Saudi Arabia, offering a wide variety of makeup, skincare, fragrances, and home scents to customers across Saudi Arabia and the GCC. The Company continues to lead in digital marketing and consumer engagement in the beauty sector.
“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,” said Nadine Nassar, Counsel at Baker McKenzie and lead on the transaction.
The IPO saw overwhelming demand, with the institutional tranche being covered 139.4 times, and the retail tranche being covered 7.9 times.
The Baker McKenzie Capital Markets team advising on the IPO included Counsel Nadine Nassar, Associates Sara AlNasser, Hayat Alabdulwahed, Junior Associate Tina-Maria Kassouf, and Trainee Associate Alma Al-Ghamdi.
