Mr Mandoob Eyes $213M IPO as Saudi Tech Scene Ramps Up

Editorial Team

Last updated 15-12-2025

3 min

Saudi delivery firm Mr Mandoob aims for a public listing by early 2026.

Its valuation target exceeds $213 million, highlighting significant growth from its humble beginnings.

The IPO seeks to enhance governance and transparency, supporting expansion with less short-term pressure.

Listing preparations include regulatory compliance and fortifying partnerships in a competitive market.

Mr Mandoob’s move reflects Saudi Arabia’s shift towards accommodating smaller firms in the stock market.

Saudi delivery player Mr Mandoob is gearing up for quite a milestone, as the company sets its sights on going public in the first half of 2026. The target valuation—north of $213 million—says a lot about how far the startup has come since its scrappy, self-funded early days. I remember chatting with founders around the region during Arageek events who often talked about that tricky leap from early traction to proper institutional scale; Mr Mandoob seems to be right in the middle of that journey now.

The company has gradually built its war chest to about $22.7 million over several rounds, money that went into widening its footprint, tightening operations, and improving its tech. And believe it or not, that effort has paid off with a user base that now tops 14 million. In a delivery market as competitive as Saudi Arabia’s, that kind of scale is no walk in the park—especially when rivals keep pushing prices down in what sometimes feels like a race to the bottom.

CEO Obaid Al-Enazi has been candid that the IPO is meant to solidify governance and transparency, essentially giving the company the muscle needed to expand without constantly worrying about short-term pressure. I reckon that’s a spot-on move for a sector where efficiency and reliability can make or break customer loyalty.

That said, listing on the Saudi market isn’t a simple matter of ambition. The company is working through regulatory processes, tightening up its infrastructure, and deepening partnerships to ensure it’s ready when the bell rings. Some might say it’s a bit of a faff, but it’s also the cost of stepping into the public arena. Details on the offering itself remain under wraps for now, yet the valuation target suggests confidence in both current performance and future growth.

It’s also worth noting how Saudi Arabia’s capital markets have been opening up to smaller firms. Around 30% of listed entities are now SMEs, reflecting a gradual cultural shift where going public is no longer reserved for giants alone. Several startups have already moved from the parallel market to the main board, showing that local founders can build enduring businesses rather than relying purely on venture rounds.

Competition in delivery remains fierce; global players are poking around, and local consolidation is picking up. Al-Enazi has pointed to growing M&A activity as a sign of maturity, though aggressive pricing has pushed weaker players out. On the flip side, that churn tends to leave stronger, more sustainable operators in the market.

For Mr Mandoob, the IPO is shaping up to be both an ending and a beginning—the close of a high-growth chapter and the start of life under public scrutiny. And well… I mean, if all goes according to plan, the company could join the growing cadre of Saudi tech startups proving that the Kingdom isn’t just consuming innovation but producing it. In the broader MENA context, where many founders still struggle to cross that scale threshold, seeing a homegrown delivery platform aim for a public listing is definately the kind of story that reminds readers why we keep shining a light on this space at Arageek.

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