(Bloomberg) — Nice One Beauty Digital Marketing Co. surged in its debut after a $320 million initial public offering in Riyadh, the latest listing in Saudi Arabia to see a strong start.
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Shares in the online cosmetics retailer jumped to as much as 45.5 riyals ($12.1) apiece Wednesday. That’s up 30% — the maximum allowed — from the offer price of 35 riyals per share
The firm sold a 30% stake at a price that implied a valuation of over 4 billion riyals.
Hospital operator Almoosa Health Co. also had a bumper debut on the Saudi bourse, rising as much as 30% Tuesday, before closing 15% higher. United International Holding Co. and Tamkeen Human Resources Co. also posted strong starts late last year.
The strong performance of Saudi listings is in contrast to lacklustre starts from prominent IPOs in the United Arab Emirates like Talabat Holding Plc and Lulu Retail Holdings Plc or Oman’s OQ Exploration & Production SAOG.
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Deal activity in the beauty sector is set to pick up in the Middle East, with Dubai-based cosmetics firm Huda Beauty also exploring the sale of its fast-growing perfume business.
Arabian Oud, another perfume retailer, has hired banks for a potential share sale in Saudi Arabia, Bloomberg News has reported.
EFG Hermes and SNB Capital were joint financial advisers on Nice One’s IPO.
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