Saudi Beauty E-commerce Firm Nice One Raises $322m in Heavily Oversubscribed Tadawul IPO
The Riyadh online cosmetics retailer's institutional book drew more than $45bn in orders, an oversubscription of about 139 times, valuing the company above $1bn.
Nice One, the Saudi online beauty and personal-care retailer founded in 2017 by brothers Omar and Abdulrahman AlOlayan, raised $322 million in an initial public offering on Tadawul's main market, pricing shares at SAR 35 and implying a market capitalisation above $1.06 billion. The institutional tranche attracted orders exceeding $45 billion, an oversubscription of about 139 times.
The company reported revenue of $186 million and net profit of $17.6 million for the first nine months of 2024. Nice One said proceeds would fund logistics and technology upgrades, brand investments and sales-channel expansion as it competes in the fast-growing Gulf beauty market.