The Clap
The online retail cosmetics company “Nice One” is planning to go public on the Saudi Stock Exchange, according to sources reported by Bloomberg.
What
Sources mentioned that “Nice One” has requested several banks to submit their proposals to manage its potential initial public offering (IPO) process.
So What
The e-commerce company “Nice One” was founded in 2016, representing a diverse group of emerging tech companies heading towards initial public offerings (IPOs) in the Middle East. This comes as part of the regional stock exchanges’ efforts to diversify their listed companies beyond the dominant banking and industrial sectors that have prevailed in the markets for years.
Some Context
The Middle East has witnessed several significant financing rounds despite the “global decline” in venture capital deals, attributed to the rise in interest rates and inflation.
In December, the Saudi financial technology company “Tamara” revealed that it surpassed a billion-dollar valuation during its recent funding round. The company plans to go public in the coming years.
