Ninja Targets $1 Billion IPO Ahead of Potential Riyadh Listing

Saudi-based quick-delivery startup Ninja is preparing for a potential initial public offering (IPO) in Riyadh, aiming to raise approximately $1 billion, according to a Bloomberg report citing people familiar with the matter.

The company has reportedly selected a group of international and regional financial institutions to work on the offering, including Citigroup Inc., Goldman Sachs Group Inc., Riyad Capital, and UBS Group AG, highlighting the scale and significance of the anticipated transaction.

According to the report, the IPO could take place by the end of 2026 or early 2027. However, discussions remain at a preliminary stage, and Ninja may still consider alternative options, including a private capital raise, should executives decide not to proceed with the public offering in the near term.

Ninja also reportedly tested investor appetite earlier in March, including during a conference in London, amid heightened regional geopolitical tensions following Iran’s retaliation to U.S.-Israeli strikes and during a fragile U.S.-Iran ceasefire period.

The company previously raised $254 million in a funding round led by Riyad Bank last year, bringing its valuation to approximately $1.5 billion, reflecting growing investor confidence in Saudi Arabia’s rapidly expanding technology and logistics sectors.

The potential IPO marks another milestone for Saudi Arabia’s startup ecosystem, as the Kingdom continues to support high-growth technology companies and accelerate their expansion into regional and global financial markets.