A Saudi online beauty retailer, Nice One, has seen its market capitalization cross $2 billion, making it the largest listed online retailer in MENA, after its shares more than doubled in value since its IPO last month.
The company’s shares, which were listed on Tadawul on January 8 at SAR 32, reached SAR 68.2 last Thursday, and are currently trading at SAR 64.9.
Founded in 2017 by Omar and Abdulrahman AlOlayan, Nice One sells over 28,000 cosmetics, personal care products, and fragrances from more than 1,200 international and local brands.
The company reported revenue of $186 million for the first nine months of 2024, up 36 percent year-on-year, with a net profit of $17.6 million.
The company raised over $300 million in its IPO by offering 34.65 million shares, representing 30 percent of its share capital.
The offering included commitments from strategic investors including Masarrah Investment Company, Mohammed Abdulaziz Al Habib & Sons Holding Company, and Frontier Investment Management Partners.
According to Termsheet’s MENA Internet Companies Index, Nice One is currently the fourth highest-valued internet company in the Middle East. The Saudi firm had reported full-year revenue of $208.6 million in 2023, with a net income of $8.7 million.
