Nice One, Saudi Arabia’s leading beauty e-commerce platform, has unveiled the price range for its upcoming initial public offering (IPO), set between SAR 32 and SAR 35 per share. The offering will include 34.65 million shares, representing 30% of the company’s total share capital. At the top end of the price range, the IPO could raise approximately $322 million, valuing the company at over $1 billion.
The IPO will consist of 29.15 million existing shares (25.24%) and 5.5 million new shares (4.76%) through a capital increase. Nice One has already secured cornerstone commitments from three prominent investors: Masarrah Investment Company, Mohammed Abdulaziz Al Habib & Sons Holding Company, and Frontier Investment Management Partners. Collectively, these strategic investors have committed to subscribing to 4.33 million shares, equivalent to 3.75% of the company’s post-offering share capital.
Nice One reported impressive financial growth for the first nine months of 2024, with revenue reaching $186 million—a 36% increase compared to the same period in the previous year. The company’s net profit during this period more than doubled to $17.6 million. For the full year of 2023, Nice One achieved revenue of $208.6 million and a net income of $8.7 million, demonstrating its steady upward trajectory.
Founded in 2017 by Omar and Abdulrahman AlOlayan, Nice One has become a prominent player in the beauty and personal care sector. The platform offers more than 28,000 products, spanning cosmetics, body care, fragrances, and nutritional supplements, sourced from over 1,200 international and local brands. In addition to hosting global brands, the company has developed its own exclusive product lines, further diversifying its offerings.
EFG Hermes KSA and SNB Capital have been appointed as joint financial advisors, bookrunners, and underwriters for the IPO. Upon completion of the offering and regulatory approvals from the Capital Market Authority (CMA) and the Saudi Exchange, the shares will be listed on the Main Market of the Saudi Exchange.
With a rapidly growing customer base and robust financial performance, Nice One is poised to capitalise on the burgeoning e-commerce and beauty market in Saudi Arabia. The IPO marks a significant milestone for the company, signalling its ambition to expand further and strengthen its position as a leader in the region’s beauty retail sector.
