Riyadh – Sharikat Mubasher: Saudi quick-delivery startup Ninja is exploring investor interest for a potential initial public offering (IPO) in Riyadh, even as regional geopolitical tensions continue to create volatility in Middle Eastern markets.
As reported by Bloomberg, the company’s executives have recently held meetings with potential investors, including discussions during a banking conference in London earlier this month. The Riyadh-based firm is also said to be in the final stages of selecting investment banks to lead the offering.
A final decision on whether to proceed with the IPO is expected in the coming weeks. If approved, the listing could take place later this year or in early 2027. However, sources indicated that the company could also opt to raise capital privately if market conditions are deemed unfavorable for a public debut.
Founded in 2022, Ninja operates an online platform delivering groceries, medicines, and other everyday products across Saudi Arabia. The startup has grown rapidly in the Kingdom’s expanding quick-commerce sector.
The company last raised $250 million in 2025 from a group of local investors led by asset manager Riyad Capital, valuing the business at around $1.5 billion.
Strong sales growth could support a higher valuation if the firm proceeds with a listing. The company reportedly generated about $1 billion in revenue in 2025 and is targeting roughly $1.6 billion in revenue by 2026.
