Saudi Arabian online cosmetics retailer Nice One is planning an initial public offering, joining a number of Middle Eastern technology startups planning share sales.
The firm has asked banks to pitch for a role on the potential deal, according to people familiar with the matter. Deliberations are ongoing and details such as the size and timing of the IPO are still undecided, the people said, asking not to be identified as the information isn’t public.
A representative for Nice One didn’t immediately respond to requests for comment.
Founded in 2016, the e-commerce firm is part of a growing cohort of tech startups working toward IPOs in the Middle East as regional stock exchanges look to diversify listings beyond the banks and industrial companies that have dominated bourses for years.
Floward, an online company which delivers flowers and gifts, is working with banks on a potential listing this year, Bloomberg News reported in November.
The Middle East has also seen some significant funding rounds despite a global drop in venture capital deals due to higher interest rates and rising inflation. Saudi Arabian financial technology company Tamara was valued at over $1 billion in its latest round and is considering an IPO in the next few years, it said in December.
Another buy-now-pay-later firm, Tabby, became one of the Gulf region’s first fintech unicorns last year after a $200 million raise and is also planning to list in the kingdom.
By Julia Fioretti and Matthew Martin
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