Nice One: From Startup to Market Leader
Saudi Arabia's leading beauty e-commerce platform, Nice One, recently completed a highly successful initial public offering (IPO) on the Saudi Exchange's Main MarketDealroom has a profile for this one. Try Dealroom →. The company offered 34.65 million shares, representing 30% of its share capital, at a price of SAR 35 per share, raising approximately $322 million and valuing the company at over $1 billion.
The IPO garnered significant interest from both institutional and retail investors. Institutional orders exceeded SAR 169 billion ($45 billion), resulting in an oversubscription rate of 139.4 times. The retail portion attracted 418,116 individual investors, with orders totaling SAR 908 million ($242 million), oversubscribing their allocation by 7.9 times.
Notably, cornerstone investors committed to a substantial portion of the offering. Masarrah Investment Company and Mohammed Abdulaziz Al Habib & Sons Holding Company each subscribed to 1,732,500 shares, while Frontier Investment Management Partners Ltd. took 866,250 shares, collectively representing approximately 3.75% of the company's post-IPO share capital.
Founded in 2017 by brothers Omar and Abdulrahman AlOlayan, Nice One has rapidly grown to become a dominant player in Saudi Arabia's online beauty and personal care market. In the first nine months of 2024, the company reported revenues of $186 million and a net profit of $17.6 million.
The successful IPO reflects the robust demand for tech and e-commerce investments in the region and positions Nice One for further expansion in the burgeoning Saudi beauty market.
