Saudi Arabia-based quick delivery startup Ninja is considering an initial public offering as soon as 2026, according to people familiar with the matter.

The company has asked investment banks to submit proposals for underwriting and financial advisory roles, but no final decisions have been made regarding the timing or size of the IPO.

Ninja, founded three years ago, became a tech unicorn earlier in 2025 after raising US$250 million from investors led by Riyad Capital, valuing it at US$1.5 billion.

The company could delay the listing to 2027 if advised to do so, and a deal may not happen at all, according to people familiar with the matter.

Saudi Arabia has led the Middle East in IPO activity this year, with companies raising more than US$3.5 billion from new listings.

🔗 Source: Bloomberg

🧠 Food for thought

1️⃣ Saudi Arabia’s tech IPO pipeline reveals systematic ecosystem maturation

Ninja’s IPO preparations represent part of a broader wave of Saudi tech companies moving toward public listings, indicating genuine ecosystem development rather than isolated success stories.

The kingdom now has multiple tech companies simultaneously preparing for IPOs, including fintech firms Tabby and Emkan Finance, which have already hired major investment banks like JPMorgan Chase and Morgan Stanley as advisers1.

This pipeline approach demonstrates that Saudi Arabia’s tech sector has reached sufficient scale and maturity to support multiple public offerings, with companies raising over $3.5 billion through first-time share sales this year alone1.

The systematic nature of these preparations suggests that Vision 2030’s economic diversification strategy is producing measurable results in creating sustainable tech businesses capable of accessing public capital markets.

2️⃣ Quick commerce expansion timing aligns with regional digital adoption surge

Ninja’s rapid growth to unicorn status reflects broader consumer behavior shifts across the Gulf region, where digital commerce adoption has accelerated significantly.

Saudi Arabia’s e-commerce market grew by 28% in 2023, with digital transaction values reaching 770.9 billion Saudi riyals, providing a substantial foundation for quick commerce services2.

Ninja’s expansion to over 400 cities across Saudi Arabia, Bahrain, Qatar, and Kuwait demonstrates how quick commerce companies can scale rapidly when consumer demand and infrastructure converge2.