People & Lifestyle Saudi beauty ecommerce site Nice One announces IPO By Neil Halligan November 25, 2024, 3:57 PM Pixel-Shot/Alamy via Reuters Connect Nice One has more than 1,200 international and local brands as well as its own products Nice One to offer 30% of shares Beauty platform has 4m customers Net profit of $8.7m in 2023 Nice One Beauty Digital Marketing, the largest beauty and personal care ecommerce platform in Saudi Arabia, has announced plans to launch an initial public offering of 30 percent of its shares on the Saudi market. The announcement comes after approval from the Capital Market Authority to offer 34,650,000 ordinary shares. No further information on share price or timing has been released. The ecommerce platform, established in 2017, sells beauty, skincare, haircare, fragrance and other personal care products from a catalogue of more than 28,000 items. Nice One has four million registered customers, and 95 percent of its sales are through its app. It has more than 1,200 international and local brands, as well as its own brands, which contributed to 20 percent of its product revenue last year. The company reported a net profit of SAR32.6 million ($8.7 million) in 2023, on revenue of SAR782.4 million. In Q1 this year, it reported SAR250 million in revenue, a year-on-year increase of 61 percent. Nice One said a focus on high-margin products, cost reductions and own-brand growth had driven profitability and liquidity. Late-year flurry of flotations forecast for Gulf The No 1 problem in a family business? ‘Not business, but family’ More companies tipped to list on Bahrain Bourse The market analysis company Sico Research in Riyadh said while there woud be seasonality in the business, Nice One’s “financials look strong and growth [is] robust”. Omar Al Olayan, Nice One’s CEO and co-founder, said the company has “innovated and adapted, scaling the business in a dynamic marketplace by offering cutting-edge digital solutions and personalised experiences.” “Our ability to stay agile and customer-focused has been instrumental in maintaining our leadership position,” he said. Nice One has appointed SNB Capital Company as the lead manager for the IPO. Demand from investors, especially foreign institutions, for new Gulf IPOs and greater exposure to the Gulf’s economies, indicates a growing confidence in the region, AGBI reported last month. There were 30 IPOs across the GCC countries in the first nine months of 2024, raising $5.2 billion. In the 2025 pipeline more than 50 Saudi Arabian companies are waiting to list on its bourse.
