Saudi cosmetics e-commerce platform Nice One has successfully completed its initial public offering (IPO) worth 908 million Saudi riyals (approximately $242 million), with a price of 35 Saudi riyals (approximately $9) per share.
The oversubscription rate of this IPO is as high as 139.4 times, with a market value of over 4 billion Saudi riyals (approximately 1 billion US dollars). The funds raised will be used for infrastructure upgrades, brand investment, sales channel expansion, as well as logistics and technology development.
According to the information, Nice One is a cross-border e-commerce platform specializing in beauty and personal care products. The platform gathers products from numerous well-known and emerging brands, meeting the diverse beauty needs of consumers.