Stock price of Nice One significantly increases following its public launch, resulting in a market capitalization exceeding $2 billion
In the bustling world of online retail, Saudi Arabia's Nice One has made a significant mark, particularly in the cosmetics and personal care sector. After a successful Initial Public Offering (IPO) in 2024, the company is poised to capitalise on the promising growth of the Saudi beauty market.
Nice One, which was founded in 2017, now boasts a valuation of approximately SAR 115.5 million (about USD 30.8 million), based on its fully paid-up share capital of 115.5 million shares with a nominal value of SAR 1 per share. This figure reflects the company's equity valuation as listed on the Saudi Exchange as of early 2025.
The Saudi beauty and personal care market, valued at USD 0.87 billion in 2025, is forecast to grow at a Compound Annual Growth Rate (CAGR) of about 7.09% through 2030, reaching USD 1.23 billion. Notably, online retail in this sector is growing faster than other distribution channels, with an estimated CAGR of 8.25% through 2030.
As a leading online retailer specialising in beauty and personal care products, Nice One is strategically positioned in a high-growth market segment. This growth is driven by various factors, including urbanization, increasing tourism, social media influence, and demand for halal-compliant products.
Beyond the Saudi Arabian market, the Middle East beauty and personal care market, which includes Saudi Arabia, was valued at about USD 11.6 billion in 2022 with an expected CAGR of approximately 7.2% through 2030.
Nice One offers products from over 1,200 international and local brands and sells over 28,000 cosmetics, personal care products, and fragrances. The company's shares, listed on Tadawul, have more than doubled in value since its IPO last month, making it the largest listed online retailer in MENA.
In terms of financial performance, Nice One reported full-year revenue of $208.6 million in 2023. For the first nine months of 2024, the company saw a 36% year-on-year increase in revenue, reaching $186 million. However, more detailed public disclosure of the company's market capitalization or revenue growth post-IPO was not found in the available sources. The company's net profit for the first nine months of 2024 was $17.6 million.
The Termsheet's MENA Internet Companies Index ranks Nice One as the fourth highest-valued internet company in the Middle East. Despite not having the current trading price of its shares mentioned in this article, Nice One's shares have shown significant growth since its IPO.
In conclusion, Nice One's strategic position in the rapidly growing online beauty and personal care market, coupled with its strong financial performance, makes it an attractive investment opportunity for those looking to capitalise on the region's growth potential.
[1] Saudi Exchange: https://www.saudiex.com/en/ [2] Euromonitor International: https://www.euromonitor.com/ [3] Statista: https://www.statista.com/
- As Nice One continues to thrive in the Saudi beauty market with its impressive financial performance, the company's equity valuation serves as a testament to the potential returns from investing in the finance sector.
- After the successful IPO in 2024, Nice One, now listed on Tadawul, has more than doubled in value, offering a promising investment opportunity for those interested in the MENA region's stock market.
