Ninja is moving closer to the public markets, but the final call has not been made yet.

Saudi quick-delivery startup Ninja has selected a group of banks to work on a potential initial public offering in Riyadh, according to Bloomberg. It is targeting a raise of around USD 1 billion.

Why You Should Care

Ninja’s potential IPO is one of the largest startup listings under consideration in Saudi Arabia right now. For founders and investors, it signals that late-stage tech companies in the Kingdom are still exploring public exits, even as regional IPO activity slows.

It also highlights how companies are balancing timing. Markets remain open, but decisions are becoming more deliberate, with firms keeping alternatives on the table rather than committing early.

Saudi quick-delivery startup Ninja has selected a group of banks to work on a potential initial public offering in Riyadh, according to Bloomberg.

The company is targeting a raise of around USD 1 billion. It has brought on a mix of international and regional banks to support the process. This includes Citigroup, Goldman Sachs, UBS Group AG, and Riyad Capital.

The timeline is not locked in. Sources indicate the listing could take place toward the end of 2026 or early 2027, though the plans remain preliminary. Ninja could still opt for an alternative, such as a private capital raise. 

The backdrop is mixed. The company is advancing IPO preparations during a period of geopolitical tensions. Ninja’s fundamentals, however, show scale. The company raised USD 250 million in 2025 at a USD 1.5 billion valuation and reportedly generated around USD 1 billion in revenue last year, with targets of reaching USD 1.6 billion in 2026.

The Ripple

If Ninja proceeds, it would add to a pipeline of Saudi tech and tech-enabled companies testing public markets. That matters for investors looking for exposure beyond traditional sectors like energy and banking.

For other late-stage startups in the region, this kind of move helps establish a clearer path to liquidity. Even the act of preparing for an IPO, regardless of timing, can influence how companies structure growth, governance, and funding strategy.

Banks are also a signal here. The mix of global and local institutions reflects continued international interest in Saudi listings, even as deal flow becomes more selective.

What to Watch

The key question is timing. Whether Ninja moves forward with an IPO or pivots to private capital will depend on how market conditions evolve over the coming quarters.

Another signal will be investor appetite. Early-stage engagement, such as prior investor meetings, suggests interest is being tested, but not fully committed yet.

More immediately, any formal filings, updated timelines, or shifts toward a private raise will indicate how firmly Ninja is committing to the IPO path.