Stock price of Nice One soars, hitting $2 billion market capitalization one month following its public debut
In the bustling world of Middle Eastern online retail, one company stands out - Nice One. Founded in 2017, this Saudi Arabian beauty retailer has made a significant impact, selling over 28,000 cosmetics, personal care products, and fragrances.
Nice One's success is not limited to its product offerings. The Termsheet's MENA Internet Companies Index ranks it as the fourth highest-valued internet company in the region, a testament to its impressive growth.
The company's financial performance is equally impressive. For the same period, Nice One reported a net profit of $17.6 million. In 2023, this figure rose to $8.7 million, and by the end of the year, the company's full-year revenue reached an impressive $208.6 million.
Nice One's growth is evident when comparing its revenue from the first nine months of 2024 to the same period the previous year. The company reported a 36 percent year-on-year increase, with revenue of $186 million.
The company's success has not gone unnoticed. In its Initial Public Offering (IPO) last month, Nice One raised over $300 million by offering 34.65 million shares. The shares have more than doubled in value since the IPO, with the shares reaching SAR 68.2 last Thursday and currently trading at SAR 64.9.
Nice One's offering attracted commitments from strategic investors including Masarrah Investment Company, Mohammed Abdulaziz Al Habib & Sons Holding Company, and Frontier Investment Management Partners.
As the largest listed online retailer in MENA, Nice One boasts a market capitalization of over $2 billion. However, due to a lack of explicit figures for shares outstanding or company financial data, the current market capitalization and growth rate cannot be definitively determined. For precise and up-to-date information, it is recommended to consult official financial disclosures from Nice One, stock exchange filings, or trusted financial data providers covering MENA-listed companies.
Nice One's offering includes products from over 1,200 international and local brands, catering to a wide range of customers' needs and preferences. The company's continued growth and success in the competitive online retail market are a testament to its commitment to providing quality products and services.
- Nice One's impressive financial growth, as demonstrated by its net profit and revenue, is an indication of its potential in investing opportunities within the technology-driven business sector.
- The strategic investors who committed to Nice One's Initial Public Offering (IPO) – including Masarrah Investment Company, Mohammed Abdulaziz Al Habib & Sons Holding Company, and Frontier Investment Management Partners – reveal a significant interest in technology-backed companies, particularly in the realm of online retail.
