Ninja Tests Investor Appetite for Potential Riyadh IPO
Saudi rapid delivery startup Ninja is assessing investor appetite for a potential initial public offering (IPO) in Riyadh, as regional markets navigate volatility linked to the ongoing Iran war, which has now entered its fourth week.
According to people familiar with the matter, company executives have held meetings with investors over recent weeks, including discussions during a banking conference in London earlier this month. The company has also reached the final stages of selecting investment banks to manage the potential IPO.
A decision on whether to proceed with the offering and appoint IPO bookrunners is expected in the coming weeks. The listing could take place later this year or in early next year. Alternatively, the company may consider raising private funding if executives decide not to pursue a near-term public listing.
Strong revenue growth supports higher valuation ambitions
Founded four years ago, Ninja raised $250 million in 2025 from a group of local investors, led by Riyad Capital Asset Management, at a valuation of $1.5 billion.
The company’s IPO considerations come amid rapid sales growth, with revenue reaching $1 billion in 2025 and projected to rise to around $1.6 billion in 2026, according to people familiar with the matter.
Backed by this growth momentum, Ninja is targeting a significantly higher valuation, potentially exceeding $5.6 billion at the time of listing on the Saudi stock market.
Company representatives declined to comment.
From startup to rapid commerce contender
Founded in 2022 and headquartered in Riyadh, Ninja operates a digital platform that delivers groceries, pharmaceuticals, and other products through rapid delivery services.
Potential IPO could revive Saudi listing momentum
A successful listing by Ninja could revitalize IPO activity in Saudi Arabia, following a slowdown in the wave of public offerings that had driven the market for several years.
Despite geopolitical tensions linked to the Iran conflict, Saudi Arabia’s stock market has shown relative resilience, supported by higher oil prices and strong performance from energy companies.
So far this year, the kingdom has seen only one IPO from a Saudi mining company, whose shares have risen about 8% since listing in March, despite regional volatility.
