Ninja Saudi Delivery App Eyes $1 Billion Riyadh IPO This Year
Saudi Arabia’s tech startup scene is maturing fast. This week, one of its most prominent unicorns took its biggest step yet toward a public listing.
What the Ninja Saudi Delivery App IPO Involves
Saudi Arabia-based quick-delivery startup Ninja has selected Citigroup, Goldman Sachs, Riyadh Capital and UBS to work on a potential initial public offering in Riyadh. The company is seeking to raise about $1 billion from the offering, which could take place toward the end of 2026 or in early 2027.
However, the plans remain preliminary. Ninja could still pursue alternatives, including a private capital raise, if executives decide against moving ahead with an IPO in the near term.
The Ninja Saudi delivery app IPO also builds on a year of strong momentum. The funding round, led by asset manager Riyad Capital, values the three-year-old company at about $1.5 billion, making it the kingdom’s latest tech unicorn.
How Ninja Built Its Position in the Gulf Market
Founded in 2022, Ninja operates in Saudi Arabia, Bahrain, Qatar and Kuwait, offering rapid delivery of products ranging from groceries to pet food.
The company reached investors under difficult regional conditions. Ninja gauged investor appetite earlier in March, including at a conference in London, when Saudi Arabia and other Gulf states were facing Tehran’s retaliation for US-Israeli strikes on Iran.
The fact that investor conversations continued despite regional volatility signals real confidence in the business model.
In pursuing an IPO, Ninja would join other tech companies planning to list on the Riyadh stock exchange. Developing a vibrant tech and startup scene is one of the Saudi government’s top priorities as it seeks to diversify the country’s oil-dependent economy.
In addition, Ninja is part of a growing unicorn cluster. The Arab world’s largest economy now boasts several unicorns, including fintech firms Tabby and Tamara. Tabby is working with banks, including JPMorgan Chase and Morgan Stanley, on its own IPO.
As a result, the Ninja Saudi delivery app IPO is not just about one company. It is a signal that the Saudi startup ecosystem has reached a stage of maturity where public market exits are becoming a real and credible option.
