By Ziad Hamdi
Ninja, a fast-growing quick delivery startup based in Saudi Arabia, is laying the groundwork for a potential initial public offering (IPO) that could hit the Riyadh stock exchange as early as 2026, according to sources familiar with the matter. The three-year-old company, which earned unicorn status earlier this year with a $1.5 billion valuation, has issued requests for proposals from investment banks to act as underwriters and financial advisors for the anticipated listing.
Founded in 2022, Ninja has quickly carved out a niche in Saudi Arabia’s competitive e-commerce and logistics sector, offering rapid delivery services for everything from groceries to consumer goods. Its tech-driven platform, which leverages real-time data and optimized logistics, has resonated with Saudi consumers, fueling its meteoric rise. Earlier this year, Ninja raised $250 million in a funding round led by Riyad Capital, joined by other local investors, propelling its valuation to unicorn territory. Sources close to the company indicate that Ninja is targeting a significantly higher valuation for its IPO, buoyed by its robust growth and expanding market share. However, no final decisions have been made on the timing or scale of the transaction, with one source noting that Ninja may push the listing to 2027 if banks advise that market conditions would yield a better outcome.
A Ninja spokesperson declined to comment on the IPO plans.
Ninja’s potential public debut comes at a pivotal moment for Saudi Arabia’s technology sector, as the kingdom accelerates its Vision 2030 initiative to diversify its oil-dependent economy. The rise of tech unicorns like Ninja, alongside fintech leaders Tabby and Tamara, highlights the country’s growing appeal as a hub for innovation. Tabby, a buy-now-pay-later platform, is working with JPMorgan Chase & Co. and Morgan Stanley on its own IPO, while Emkan Finance Co. has tapped Morgan Stanley and Al Rajhi Capital for a potential listing. These developments signal a maturing startup ecosystem, supported by government initiatives and increasing investor confidence.
The Riyadh stock exchange has emerged as the Middle East’s busiest IPO venue in 2025, with companies raising over $3.5 billion through first-time share sales. This surge in activity reflects Saudi Arabia’s efforts to attract global capital and foster a vibrant capital market. Ninja’s IPO, if it proceeds, could further elevate the kingdom’s profile as a destination for tech investments, drawing attention from international funds eager to tap into the region’s growth potential.
As Ninja continues to scale its operations and refine its technology, its potential listing represents more than a corporate milestone—it underscores Saudi Arabia’s broader ambitions to become a global tech powerhouse. With a dynamic young population and increasing digital adoption, the kingdom is well-positioned to nurture more startups like Ninja, paving the way for a new era of economic diversification.
