Saudi-based online beauty retailer Nice One Beauty plans to generate 1.21 billion riyals, equivalent to US$322 million, from an IPO on the Riyadh stock market.
Founded in 2016, Nice One has established itself as a prominent figure in Saudi Arabia’s cosmetics e-commerce sector, featuring diverse products from both international and local labels. The move to go public is part of an ongoing surge in IPOs within the country, which has accumulated more than US$3 billion in proceeds throughout 2024. The company has enlisted EFG Hermes and SNB Capital as its financial advisors to navigate the process, capitalizing on burgeoning interest in both the digital and beauty industries in the region.
This IPO arrives at a time of increased activity in the Middle Eastern beauty market. Notably, Huda Beauty, headquartered in Dubai, is considering divesting its rapidly expanding fragrance arm, highlighting the region’s intensifying trend of mergers and acquisitions. Altogether, Middle Eastern companies have raised US$10 billion in equity this year, underscoring the area’s thriving financial market dynamics.
Nice One’s public offering underscores the rising demand for investment in digital-centric beauty enterprises, as Saudi Arabia seeks to affirm its role as a center for innovation and financial market endeavors.