Saudi e-commerce platform makes debut on Tadawul stock exchange

In the second listing this year on Saudi Arabia’s stock exchange, Nice One has gone public, with its market cap jumping notably on its first day of trading. Redseer Strategy Consultants provided strategic counsel throughout the IPO preparation process.

Nice One was founded by Omar AlOlayan in 2017, with the aim to establish the company as a leading e-commerce platform for personal care products, perfumes, make-up and cosmetics. That goal has beyond doubt been achieved – today the platform sells over 28,000 products from more than 1,200 international and local brands to 4 million registered customers.

In its latest financial year, Nice One reported revenue of roughly $250 million, with a net profit of over $20 million, more than double the same period last year.

This morning, Nice One went public on Tadawul, floating 34.65 million shares, representing 30% of its total share capital. The offering consisted of 29.15 million existing shares (25.24%) and 5.5 million new shares (4.76%) through a capital increase.

The initial public offering. (IPO), which was worth $320 million and valued the company at over $1 billion (meaning it now has unicorn status), included a retail tranche of 10% that was 8x oversubscribed and an institutional tranche, which accounted for 90%, that was 139x oversubscribed.

At the time of writing, Nice One’s share price has jumped by over 10% from its initial SAR 35 share price.

Strategic counsel

“Nice One has evolved into a key player in KSA’s e-commerce market,” said Akshay Jayaprakasan from Redseer Strategy Consultants, the consulting firm that provided commercial advisory to Nice One’s leadership team in the run-up to its successful IPO. “Leveraging our expertise in growth and strategy consulting, we delivered comprehensive market and industry insights to support this historic achievement.”

“We look forward to witnessing Nice One’s continued success and contributions to the e-commerce landscape in the Middle East and beyond,” said Jayaprakasan.

Beauty and personal care

According to research from Redseer Strategy Consultants, the beauty and personal care segment accounts for 11% of consumer spending in the Saudi retail market, a figure significantly higher than in many other countries such as the US, UK, India, and China, where the segment comprises less than 5% of retail spending.

“Despite already high levels of spending, the beauty and personal care retail market in KSA is projected to grow at a robust 8% annually over the next 4-5 years. Several factors drive this growth: a young and increasingly affluent population due to rising workforce participation, changing consumer behaviors as leisure and entertainment become more prominent, and improving access to diverse brands.”

Nice One is the second listing on Tadawul’s main market in 2025 after Almoosa Health, which made its debut yesterday. In 2024, 13 companies listed on Tadawul.