Nice One, the leading beauty ecommerce platform in Saudi Arabia, has announced the price range for its IPO, set between SAR 32 and SAR 35 per share. The company will offer 34.65 million shares, representing 30 percent of its total share capital, which could potentially raise up to $322 million, at a valuation of over $1 billion.
The offering consists of 29.15 million existing shares (25.24%) and 5.5 million new shares (4.76%) through a capital increase.
The Saudi online retailer has already secured cornerstone commitments from three major strategic investors: Masarrah Investment Company, Mohammed Abdulaziz Al Habib & Sons Holding Company, and Frontier Investment Management Partners. These investors have committed to subscribing to 4.33 million shares, representing approximately 3.75% of the company’s post-offering share capital.
Nice One reported revenue of $186 million for the first nine months of 2024, up 36 percent year-on-year, with a net profit of $17.6 million, more than double the same period last year. The company’s full-year 2023 financials showed revenue of $208.6 million, with a net income of $8.7 million.
Founded in 2017 by Omar and Abdulrahman AlOlayan, the platform sells over 28,000 products across categories including cosmetics, body care, fragrances, and nutritional supplements from more than 1,200 international and local brands. The company currently offers both international brands and its own exclusive product lines.
EFG Hermes KSA and SNB Capital have been appointed as joint financial advisors, bookrunners, and underwriters for the offering. The shares will be listed on the Saudi Exchange’s Main Market following the completion of offering and listing formalities with the Capital Market Authority (CMA) and the Saudi Exchange.
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