Nice One, Saudi Arabia’s leading beauty ecommerce platform has announced its intention to list on the Saudi Exchange’s Main Market (Tadawul).
The company plans to offer 34.65 million shares, representing 30% of its share capital through a combination of existing and new shares.
The offering consists of 29.15 million (25.24%) existing shares and 5.5 million (4.76%) new shares.
The proceeds will be used to finance working capital, develop and market its own brands, enhance logistic capabilities, and support general business objectives.
Founded in 2017 by Omar AlOlayan and Abdulrahman AlOlayan, Nice One sells over 28,000 products across various categories including cosmetics, body care, fragrances, and nutritional supplements from more than 1,200 international and local brands.
The founders, who currently hold over 74% combined stake in the company, will sell part of their holdings through the IPO.
The Riyadh-headquartered firm reported revenue of SAR 782.4 million ($208.6 million) in 2023, with a net income of SAR 32.6 million ($8.7 million).
The company’s Q1 2024 revenue stood at SAR 250.1 million ($66.7 million), showing a 61.2% year-on-year growth.
Omar Alolayan, CEO & Co-founder of Nice One, said, “This IPO marks a significant milestone in Nice One’s journey.
“Since founding the company in 2017, we have transformed from a startup into the largest e-commerce platform for beauty and personal care in Saudi Arabia.
“We have consistently innovated and adapted, scaling the business in a dynamic marketplace by offering cutting-edge digital solutions and personalized experiences.
“As we move forward with our IPO, we are excited to further expand our reach, invest in digitalization, and continue delivering world-class products and services to our customers,” he added.
EFG Hermes KSA and SNB Capital have been appointed as joint financial advisors, bookrunners, and underwriters for the offering.
