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Nice One Beauty Digital Marketing Company is guiding on a price range of SAR 32-35 per share for its offering of a 31.5% stake on Tadawul’s main market, it said in a press release (pdf). The pricing could see Nice One raise up to SAR 1.2 bn in proceeds, and would give it a market cap of SAR 3.9 bn at listing, according to EnterpriseAM calculations. The story also got ink in Bloomberg.
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The institutional bookbuilding period kicked off yesterday, running until Sunday, 8 December, where investors will be able to subscribe to 100% of the offering, booking a maximum of 5.75 mn shares, and a minimum of 100k shares each.
Use of proceeds: Selling shareholders will cover SAR 53.4 mn of the IPO’s expenses, with net proceeds distributed pro rata. The company will supplement these with loans and cashflows, allocating 35-45% to working capital, branding, and sales, 15-25% to logistics and technical upgrades, and 35-45% to potential M&A.
What’s next? The two-day retail subscription begins on Tuesday, 24 December, with investors eligible for up to 10% of the shares, subject to demand. Each retail investor can subscribe to a maximum of 250k shares, and a minimum of 10 shares. Final allocations of shares are slated for no later than 31 December.
ADVISORS- Our friends at EFG Hermes are acting as financial advisor, bookrunner, and underwriter on the transaction, alongside SNB Capital, which is quarterbacking the transaction as lead manager. Baker McKenzie will provide counsel to the issuer, while PwC will serve as financial due diligence advisor. Receiving agents include Alistithmar Capital, Alinma Investment, SNB Capital, AlJazira Capital, Riyad Capital, ANB Capital, Albilad Capital, Al Rajhi Capital, Derayah Financial, BSF Capital, SAB Invest, Yaqeen Capital, Alkhabeer Capital, and Sahm Capital.
