Logo ofNice One Co.
Retail investors began subscribing today, Dec. 24, to 3.47 million shares of Nice One Co. at SAR 35 per share, as determined through the book-building process. 
The retail tranche accounts for 10% of the total offering, with the subscription running for two days until Dec. 25.
In September, the Capital Market Authority (CMA) approved Nice One’s request to float 34.65 million shares, or 30% of the post-IPO capital, on the Main Market (TASI). The offering also represents 31.5% of the pre-IPO capital, with a nominal value per share of SAR 1.
The offering includes the sale of 25.24% of existing shares and the issuance of new shares, representing 4.76%, totaling 30% of the capital.
The institutional subscription ended last week, with the offering being 139.4x oversubscribed.
Nice One’s IPO is the 14th this year,following listings by Middle East Pharmaceutical Industries Co. (Avalon Pharma) on Jan. 30,Modern Mills for Food Products Co.on March 5,MiahonaCo.and Dr. Soliman Abdulkader Fakeeh Hospital Co. (Fakeeh Care) on May 21, Saudi Manpower Solutions Co. (SMASCO) on May 26, Al Taiseer Group Talco Industrial Co. (TALCO) on May 28,Rasan Information Technology Co.on May 29,Almajed for OudCo.on Sept. 15,Arabian Mills Co.on Sept. 18, Fourth Milling Co. (MC4)on Oct. 2,Tamkeen Human Resources Co.on Nov. 5, United International Holding Co.on Nov. 19, and Almoosa Health Co.on Dec. 23.
Tadawul witnessed eight IPOs in 2023, includingMBC Holding Group Ltd.,Morabaha MarinaandMawarid Manpower Co.,Jamjoom Pharmaceuticals Factory Co.,First Milling Co.,Lumi Rental Co.,ADES Holding Co., andSAL Saudi Logistics Services Co.
Key Background
Nice One Company was founded by Omar AlOlayan as a sole proprietorship in 2017, based in Riyadh. It then transitioned from a sole proprietorship to a limited liability company in 2017, and later to a closed joint-stock company in May 2024.
The Nice One app and website were launched two years after working on market research and establishing the infrastructure.
The company’s pre-IPO capital is SAR 110 million, divided into 110 million shares, with each share valued at SAR 1. The post-IPO capital will be SAR 115.5 million, divided into 115.5 million shares.
The company’s main current activity is e-commerce for personal care products, perfumes, and cosmetics.
By the end of Q1 2024, the company had over 1,200 international and local brands on its platform, compared to nearly 500 international brands in 2021, along with several proprietary brands.
Over the past three years, the company has achieved more than 90% of its total sales through its own app, “Nice One.”
The company currently relies on a centralized distribution model, where all products are distributed directly from the company’s main warehouse in Riyadh via its own fleet. The company also collaborates with several logistics companies to serve its customers across all regions of the Kingdom.
The company’s market share reached 8.6% in 2023, and within the specialized online retail market for cosmetics and personal care products, it held 29% of the market share.
The company offers a wide range of products, with over 26,000 product SKUs by the end of 2023. It processed nearly 2.9 million orders, sold 18 million units, and achieved an average of 300,000 unique visits daily.
The number of new customers increased from approximately 130,000 in Q1 2023 to about 206,000 new customers in Q1 2024.
According to the prospectus, the company’s net profit in 2023 was nearly SAR 32.6 million, while the net profit for Q1 2024 was about SAR 22 million.
The company had 401 employees as of the end of March 2024, including 107 Saudi citizens, with a Saudization rate of 55%.
The board of directors is chaired by Amr AlJalal, with Abdulrahman AlOlayan serving as his deputy, while Omar AlOlayan holds the position of CEO.
Nice One intends to use the net proceeds from the offering—if any—along with other financial sources such as cash flows and loans, to finance the working capital, develop and market the company’s proprietary brands and sales channels, and enhance logistical and technical capabilities. Moreover, the company plans to use its financial sources for general corporate purposes, as outlined in the following table:
Affiliates
Item
Net Proceeds share
Timeline
Working capital financing, brand development, and sales channels
45%-35%
Q1 2025- Q1 2027
Development of logistical and technical capabilities
25%-15%
General corporate purposes
45%-35%
Q1 2025- Q1 2026
The following table outlines the expected timeline for the use of net proceeds from the offering:
Timeline for the expected use of net proceeds from the offering
Item
Date
Opening a branch in Riyadh
H1 2025
Preparing a warehouse in Jeddah
H1 2026
Opening a branch in Jeddah
H1 2026
Opening a branch in Dammam
H1 2027
Preparing a warehouse in Dubai
H1 2027
Opening a branch in Riyadh
H2 2027
Warehouses
The company rents a main warehouse where all products are prepared and packaged, in addition to three other warehouses, all of which are located in the Riyadh region.
All orders are served from the company’s main warehouse and distribution center.
The company is currently working on building a fully automated new warehouse in Riyadh, which is expected to be larger than the company’s existing warehouses, with a planned area of 14,500 m². Operations in this warehouse are expected to begin by the end of 2024.
The company is also planning to expand into the western region by opening a warehouse in Jeddah to enable same-day delivery, achieving further growth in that region. The company already started renovation for this warehouse.
The following table outlines the details of the company’s current warehouses:
Current Warehouses
Warehouses
Area (m²)
Details
Main Warehouse
2,400
Preparing and packaging all products
Receiving and Storing Warehouse
1,332
Receiving and storing products from the company’s proprietary brand suppliers, before transfering it to the main warehouse
Storage Warhouse
1,220
Storing packaging materials
Additional Stock Warehouse
1,200
Storing products when exceeding the capacity of the main warehouse
Total
6,152
—
Company’s Revenue
According to the prospectus, Nice One’s revenues increased by 28% to nearly SAR 782.4 million in 2023, compared to SAR 613.6 million in 2022.
Income from the sales of goods amounted to 96% of total revenues for the year ending Dec. 31, 2023, while revenue from the sales of services accounted for 4%, as shown below:
Revenue 2023 (SAR mln)
Service
Revenue
% of Total
Sales of Goods
748.2
95.6%
Sales of Services
34.2
4.4%
Total
782.4
%100
Affiliates
The company has established two subsidiaries in Egypt and the UAE, neither of which has started commercial operations yet. Their main activities are focused on retail sales of perfumes, cosmetics, and personal care products.
Affiliates
Company
Country
Capital
Actual Ownership
Sea Products General Trading Co.
Egypt
EGP 50,000
%100
Nice One Perfume and Cosmetics Trading LLC
UAE
AED 300,000
%100
Company Profile
Company
Nice OneBeauty Digital Marketing Co.
Market
Main Market (TASI)
Core Activities
E-commerce for personal care products, perfumes and cosmetics
Capital before IPO
SAR 110 mln
Capital after IPO
SAR 115.5 mln
Number of Shares
115.5 mln
ParValue
SAR 1
IPO Summary
Issue Percentage
30% (after IPO)
Issue Price
SAR 35
Number ofOffer Shares
3.47 mlnshares (10% of total offering)
Qualified Subscribers
Individuals
IPO Minimum Limit for Retail Investors
10 shares
IPOMaximum Limit for Retail Investors
250,000 shares
Retail Offering
From Dec. 24-25,2024
Final Allocation
Dec. 31, 2024
SurplusRefund (if any)
Jan. 5, 2025
Additional Information
Lead Manager
SNB Capital
FinancialAdvisors, Institutional Bookrunners Underwriters
EFG HermesKSA, SNB Capital
ReceivingEntities
SNB Capital, SAB Invest, Al Rajhi Capital, Saudi Fransi Capital, Alinma Investment, Riyad Capital,AlJaziraCapital, Alistithmar Capital, Albilad Capital, ANB Capital, Derayah Financial, Yaqeen Capital, Alkhabeer Capital, Sahm Capital
Major Shareholders
Shareholder
Pre-IPO
Post-IPO
Number of Shares
(mln)
Ownership
(%)
Number of Shares
(mln)
Ownership
(%)
Omar AlOlayan
44.18
40.16%
32.47
28.11%
Al-Hamra FrontInvestment*
6.71
6.10%
4.93
4.27%
Abdulrahman AlOlayan
37.45
34.05%
27.53
23.83%
Darb Al-NamouInvestment*
7.40
6.73%
5.44
4.71%
Tareeq Al-NamouInvestment*
7.40
6.73%
5.44
4.71%
Bandar Abdulrahman Al-Dhalea
0.84
0.77%
0.62
0.54%
Hisham Sulaiman Al Habib
3.15
2.87%
2.32
2.01%
Abdulaziz Sulaiman Al Habib
2.86
2.60%
2.10
1.82%
Public
—
—
34.65
30.00%
Total
110
100%
115.5
100%
*Wholly owned by Namara Investments.
Logo ofNice One Co.
Retail investors began subscribing today, Dec. 24, to 3.47 million shares of Nice One Co. at SAR 35 per share, as determined through the book-building process.
The retail tranche accounts for 10% of the total offering, with the subscription running for two days until Dec. 25.
In September, the Capital Market Authority (CMA) approved Nice One’s request to float 34.65 million shares, or 30% of the post-IPO capital, on the Main Market (TASI). The offering also represents 31.5% of the pre-IPO capital, with a nominal value per share of SAR 1.
The offering includes the sale of 25.24% of existing shares and the issuance of new shares, representing 4.76%, totaling 30% of the capital.
The institutional subscription ended last week, with the offering being 139.4x oversubscribed.
Nice One’s IPO is the 14th this year,following listings by Middle East Pharmaceutical Industries Co. (Avalon Pharma) on Jan. 30,Modern Mills for Food Products Co.on March 5,MiahonaCo.and Dr. Soliman Abdulkader Fakeeh Hospital Co. (Fakeeh Care) on May 21, Saudi Manpower Solutions Co. (SMASCO) on May 26, Al Taiseer Group Talco Industrial Co. (TALCO) on May 28,Rasan Information Technology Co.on May 29,Almajed for OudCo.on Sept. 15,Arabian Mills Co.on Sept. 18, Fourth Milling Co. (MC4)on Oct. 2,Tamkeen Human Resources Co.on Nov. 5, United International Holding Co.on Nov. 19, and Almoosa Health Co.on Dec. 23.
Tadawul witnessed eight IPOs in 2023, includingMBC Holding Group Ltd.,Morabaha MarinaandMawarid Manpower Co.,Jamjoom Pharmaceuticals Factory Co.,First Milling Co.,Lumi Rental Co.,ADES Holding Co., andSAL Saudi Logistics Services Co.
Key Background
Nice One Company was founded by Omar AlOlayan as a sole proprietorship in 2017, based in Riyadh. It then transitioned from a sole proprietorship to a limited liability company in 2017, and later to a closed joint-stock company in May 2024.
The Nice One app and website were launched two years after working on market research and establishing the infrastructure.
The company’s pre-IPO capital is SAR 110 million, divided into 110 million shares, with each share valued at SAR 1. The post-IPO capital will be SAR 115.5 million, divided into 115.5 million shares.
The company’s main current activity is e-commerce for personal care products, perfumes, and cosmetics.
By the end of Q1 2024, the company had over 1,200 international and local brands on its platform, compared to nearly 500 international brands in 2021, along with several proprietary brands.
Over the past three years, the company has achieved more than 90% of its total sales through its own app, “Nice One.”
The company currently relies on a centralized distribution model, where all products are distributed directly from the company’s main warehouse in Riyadh via its own fleet. The company also collaborates with several logistics companies to serve its customers across all regions of the Kingdom.
The company’s market share reached 8.6% in 2023, and within the specialized online retail market for cosmetics and personal care products, it held 29% of the market share.
The company offers a wide range of products, with over 26,000 product SKUs by the end of 2023. It processed nearly 2.9 million orders, sold 18 million units, and achieved an average of 300,000 unique visits daily.
The number of new customers increased from approximately 130,000 in Q1 2023 to about 206,000 new customers in Q1 2024.
According to the prospectus, the company’s net profit in 2023 was nearly SAR 32.6 million, while the net profit for Q1 2024 was about SAR 22 million.
The company had 401 employees as of the end of March 2024, including 107 Saudi citizens, with a Saudization rate of 55%.
The board of directors is chaired by Amr AlJalal, with Abdulrahman AlOlayan serving as his deputy, while Omar AlOlayan holds the position of CEO.
Nice One intends to use the net proceeds from the offering—if any—along with other financial sources such as cash flows and loans, to finance the working capital, develop and market the company’s proprietary brands and sales channels, and enhance logistical and technical capabilities. Moreover, the company plans to use its financial sources for general corporate purposes, as outlined in the following table:
Affiliates
Item
Net Proceeds share
Timeline
Working capital financing, brand development, and sales channels
45%-35%
Q1 2025- Q1 2027
Development of logistical and technical capabilities
25%-15%
General corporate purposes
45%-35%
Q1 2025- Q1 2026
The following table outlines the expected timeline for the use of net proceeds from the offering:
Timeline for the expected use of net proceeds from the offering
Item
Date
Opening a branch in Riyadh
H1 2025
Preparing a warehouse in Jeddah
H1 2026
Opening a branch in Jeddah
H1 2026
Opening a branch in Dammam
H1 2027
Preparing a warehouse in Dubai
H1 2027
Opening a branch in Riyadh
H2 2027
Warehouses
The company rents a main warehouse where all products are prepared and packaged, in addition to three other warehouses, all of which are located in the Riyadh region.
All orders are served from the company’s main warehouse and distribution center.
The company is currently working on building a fully automated new warehouse in Riyadh, which is expected to be larger than the company’s existing warehouses, with a planned area of 14,500 m². Operations in this warehouse are expected to begin by the end of 2024.
The company is also planning to expand into the western region by opening a warehouse in Jeddah to enable same-day delivery, achieving further growth in that region. The company already started renovation for this warehouse.
The following table outlines the details of the company’s current warehouses:
Current Warehouses
Warehouses
Area (m²)
Details
Main Warehouse
2,400
Preparing and packaging all products
Receiving and Storing Warehouse
1,332
Receiving and storing products from the company’s proprietary brand suppliers, before transfering it to the main warehouse
Storage Warhouse
1,220
Storing packaging materials
Additional Stock Warehouse
1,200
Storing products when exceeding the capacity of the main warehouse
Total
6,152
—
Company’s Revenue
According to the prospectus, Nice One’s revenues increased by 28% to nearly SAR 782.4 million in 2023, compared to SAR 613.6 million in 2022.
Income from the sales of goods amounted to 96% of total revenues for the year ending Dec. 31, 2023, while revenue from the sales of services accounted for 4%, as shown below:
Revenue 2023 (SAR mln)
Service
Revenue
% of Total
Sales of Goods
748.2
95.6%
Sales of Services
34.2
4.4%
Total
782.4
%100
Affiliates
The company has established two subsidiaries in Egypt and the UAE, neither of which has started commercial operations yet. Their main activities are focused on retail sales of perfumes, cosmetics, and personal care products.
Affiliates
Company
Country
Capital
Actual Ownership
Sea Products General Trading Co.
Egypt
EGP 50,000
%100
Nice One Perfume and Cosmetics Trading LLC
UAE
AED 300,000
%100
Company Profile
Company
Nice OneBeauty Digital Marketing Co.
Market
Main Market (TASI)
Core Activities
E-commerce for personal care products, perfumes and cosmetics
Capital before IPO
SAR 110 mln
Capital after IPO
SAR 115.5 mln
Number of Shares
115.5 mln
ParValue
SAR 1
IPO Summary
Issue Percentage
30% (after IPO)
Issue Price
SAR 35
Number ofOffer Shares
3.47 mlnshares (10% of total offering)
Qualified Subscribers
Individuals
IPO Minimum Limit for Retail Investors
10 shares
IPOMaximum Limit for Retail Investors
250,000 shares
Retail Offering
From Dec. 24-25,2024
Final Allocation
Dec. 31, 2024
SurplusRefund (if any)
Jan. 5, 2025
Additional Information
Lead Manager
SNB Capital
FinancialAdvisors, Institutional Bookrunners Underwriters
EFG HermesKSA, SNB Capital
ReceivingEntities
SNB Capital, SAB Invest, Al Rajhi Capital, Saudi Fransi Capital, Alinma Investment, Riyad Capital,AlJaziraCapital, Alistithmar Capital, Albilad Capital, ANB Capital, Derayah Financial, Yaqeen Capital, Alkhabeer Capital, Sahm Capital
Major Shareholders
Shareholder
Pre-IPO
Post-IPO
Number of Shares
(mln)
Ownership
(%)
Number of Shares
(mln)
Ownership
(%)
Omar AlOlayan
44.18
40.16%
32.47
28.11%
Al-Hamra FrontInvestment*
6.71
6.10%
4.93
4.27%
Abdulrahman AlOlayan
37.45
34.05%
27.53
23.83%
Darb Al-NamouInvestment*
7.40
6.73%
5.44
4.71%
Tareeq Al-NamouInvestment*
7.40
6.73%
5.44
4.71%
Bandar Abdulrahman Al-Dhalea
0.84
0.77%
0.62
0.54%
Hisham Sulaiman Al Habib
3.15
2.87%
2.32
2.01%
Abdulaziz Sulaiman Al Habib
2.86
2.60%
2.10
1.82%
Public
—
—
34.65
30.00%
Total
110
100%
115.5
100%
*Wholly owned by Namara Investments.
