Baker McKenzie Advises Nice One Beauty Digital Marketing Company on its IPO

Baker McKenzie has acted as legal counsel to Nice One Beauty Digital Marketing Company ("Nice One" or the "Company"), Saudi's a leading makeup e-commerce platform for beauty products, on its successful Initial Public Offering (IPO) on the Tadawul Main Market.

The Baker McKenzie team provided comprehensive legal counsel throughout the transaction, including listing of Nice One' shares on Tadawul and the public offering of 34,650,000 ordinary shares, representing 30% of the Company's share capital. The shares were offered at a price of SAR 35 per share (equivalent to USD 9.31) implying a market capitalization exceeding SAR 4 billion (approximately more than USD 1 billion) at listing. The offering raised SAR 1,212.75 million (approximately USD 323.4 million). Nice One was successfully listed on 8 January 2025 after receiving approval from the Capital Market Authority on 25 September 2024.

Nice One, established in 2017, is a leading e-commerce platform specializing in beauty products, offering a wide range of makeup, skincare, fragrances, and home scents to clients across Saudi Arabia and the GCC. As the largest platform of its kind in Saudi Arabia, the Company continues to drive innovation in digital marketing and consumer engagement in the beauty sector.

Nadine Nassar, Counsel at Baker McKenzie and lead on the transaction, remarked: "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."

During the institutional book building process, 100% of the Offer Shares were allocated to participating institutional investors, the institutional tranche being covered 139.4 times. The offering was also met with strong demand from the retail investors, resulting in the retail tranche being covered 7.9 times.

The Baker McKenzie Capital Markets team advising on the IPO included Nadine Nassar, Sara AlNasser, Hayat Alabdulwahed, Tina-Maria Kassouf and Alma Al-Ghamdi.

This transaction adds to Baker McKenzie's extensive track record in advising on Saudi capital markets deals. Recent examples include advising Al-Majed For Oud Company in connection with the offering of a 30% stake, equivalent to 7.5 million shares, and listing of all its shares on the Saudi Exchange.