Ninja taps banks for advise on potential IPO next year: Report

Logo of Saudi quick delivery startup Ninja

Saudi quick delivery startup Ninja is working to appoint investment banks to advise on a potential initial public offering (IPO) that could take place early next year, Bloomberg reported, citing sources.

Ninja has invited proposals from prospective underwriters and financial advisers for the deal, the sources said.

Based on the company’s growth trajectory, Ninja could achieve a significantly higher valuation upon listing, the report said, quoting a source. The startup was valued at SAR 5.6 billion following its latest fundraising round.

No final decision has been made on the timing or size of the offering, and the deal may not proceed, the report said. The company may defer the IPO to 2027 if banks deem it the more favorable option, Bloomberg said.

In July, Riyad Capital led a funding round of up to SAR 1 billion through the Riyad Pre-IPO Opportunities Fund in favor of Ninja, data compiled by Argaam showed.

Established in 2022, Ninja provides a digital shopping platform covering a range of sectors, including groceries, household goods, personal care products, digital pharmacy, and restaurants.