• Ninja is considering a public listing in Riyadh, potentially boosting Saudi Arabia’s IPO activity despite regional conflict challenges.
• The startup generated USD 1B in revenue last year and targets USD 1.6B  this year, signaling rapid growth.
• Ninja raised USD 250M  in 2025 at a USD 1.5B valuation, joining the kingdom’s tech unicorn ranks.

Ninja

Saudi-based quick-delivery firm Ninja is evaluating an initial public offering in Riyadh as it looks to capitalize on rapid growth. The company has met investors in recent weeks, including at a London banking conference, to gauge appetite for its potential listing.

Founded in 2022, Ninja operates as an online supermarket delivering groceries, medicines, and everyday essentials across Saudi Arabia. Its services now span multiple Gulf markets, reflecting an ambition to scale quickly in the region.

The startup raised USD 250 million in 2025 from local investors led by Riyad Capital, pushing its valuation to USD 1.5 billion. Revenue reached around USD 1 billion last year, and the company targets USD 1.6 billion in 2026, according to sources familiar with its plans.

Executives are finalizing decisions on IPO timing and underwriters. The listing could take place later this year or in early 2026, though private capital raises remain an option if market conditions are unfavorable. Ninja is shortlisting banks to advise on the IPO and handle underwriting.

IPO

A successful debut could help reignite Saudi Arabia’s bourse after a slowdown in initial public offerings. While regional volatility has created uncertainty, the Kingdom’s stock market has remained resilient, supported by rising oil prices and limited direct conflict impacts. For example, Saleh Abdulaziz Al Rashed & Sons Co., the only local listing this year so far, has gained about 8% since its March debut.

Ninja’s IPO would mark another milestone for Saudi Arabia’s tech ecosystem, which has seen rising interest from investors and a growing pipeline of startups preparing for public markets. The potential listing underscores the Kingdom’s push to diversify its economy and position itself as a hub for regional technology and investment.