Ninja Potential IPO Among Largest Startup Listings Under Review in KSA

Ninja, a Saudi-based quick-commerce and last-mile delivery platform, is preparing for a potential initial public offering in Riyadh, as it lines up a syndicate of banks to support the process.

The company is targeting a raise of around $1 billion, with Citigroup, Goldman Sachs, UBS Group, and Riyad Capital involved in early-stage preparations.

A final decision on the listing has not yet been made, and the timeline remains open. The IPO could take place toward the end of 2026 or early 2027, although the company may still pursue an alternative such as a private capital raise.

Ninja operates a rapid delivery model focused on groceries and everyday essentials, positioning itself within the region’s growing quick-commerce sector.

The company raised $250 million in 2025 at a valuation of $1.5 billion and is reported to have generated around $1 billion in revenue over the past year, with a target of reaching $1.6 billion in 2026.