Saudi Arabian company Nice One establishes initial public offering (IPO) price range, aims for over $1 billion valuation
In the bustling world of e-commerce, Saudi Arabia's homegrown beauty platform, Nice One, is making waves with its upcoming Initial Public Offering (IPO). Founded in 2017 by Omar and Abdulrahman AlOlayan, the company has grown significantly over the years.
Nice One reported impressive financials for the first nine months of 2024, with revenue of $186 million, marking a 36% year-on-year increase, and a net profit of $17.6 million. These figures are a testament to the platform's success and growth potential.
The company's IPO will see the offering of 34.65 million shares, representing 30% of its total share capital. This offering consists of 29.15 million existing shares and 5.5 million new shares through a capital increase.
Three major strategic investors have secured cornerstone commitments for the IPO. These include Masarrah Investment Company, Mohammed Abdulaziz Al Habib & Sons Holding Company, and Frontier Investment Management Partners.
Nice One offers a diverse range of products, catering to both international brands and its own exclusive product lines. The platform boasts over 28,000 products across categories such as cosmetics, body care, fragrances, and nutritional supplements.
While the exact amount Nice One could raise from its IPO remains undetermined due to a lack of specific information on the planned share offering, price range, and total shares to be sold, the company's valuation is expected to surpass $1 billion, making it a significant player in the Saudi Arabian market.
The company's full-year 2023 financials showed revenue of $208.6 million, with a net income of $8.7 million. As the leading beauty e-commerce platform in Saudi Arabia, Nice One's IPO is a significant milestone not just for the company, but for the e-commerce industry in the region as well.
As more details about the IPO emerge, investors and industry watchers will be eager to see how this homegrown success story continues to evolve in the competitive world of e-commerce.
The upcoming Initial Public Offering (IPO) of Saudi Arabia's homegrown beauty platform, Nice One, has attracted attention from major strategic investors, indicating a strong interest in its financial prospects. With substantial revenue of $186 million for the first nine months of 2024 and a net profit of $17.6 million, the company's impressive financial performance hints at its potential for continued growth in the finance sector.
%20price%20range%2C%20aims%20for%20over%20%241%20billion%20valuation){kind=link}