“Ninja Eyes IPO as Saudi Delivery Unicorn Accelerates Expansion”

Saudi Arabia’s delivery scene might be in for a shake-up soon, as Ninja—the quick commerce startup turning heads round the Gulf—has kicked off preparations for a possible initial public offering. If all goes to plan, we could see Ninja making its stock market debut as soon as next year, though, as always, nothing’s set in stone just yet. Sometimes, with these things, the timing can easily slip; word on the street is that the deal could just as well be pushed back as far as 2027. Can’t say I’d be surprised—IPOs can be a bit of a faff.

Ninja isn’t your run-of-the-mill delivery app. Started in 2022 by Saud Al Qahtani and Canberk Donmez, the company has built a name for itself by bringing essentials—groceries, pet supplies, you name it—straight to your door in a flash. It’s already made tracks across Saudi Arabia, Bahrain, Qatar, and Kuwait, which, for a business this fresh, is pretty impressive. The recent injection of $250 million (big money, by anyone’s standards) sent Ninja’s valuation skyrocketing to roughly $1.5 billion. No wonder folks have started calling it Saudi’s latest tech “unicorn.” That round was led by Riyad Capital, which just shows how confident local investors are in the region’s homegrown startups.

Of course, jumping into the public markets is a massive leap. To get there, Ninja’s approached a handful of investment banks, seeking the right partners to guide them through the process. Behind the scenes, they’re requesting underwriter and advisor proposals—but, naturally, they’ll want all their ducks in a row before signing on any dotted lines.

The bigger picture? Ninja’s ambitions are part of a wider movement. Saudi Arabia is rolling out the red carpet for innovative tech players, hoping to shift gears from an oil-dominated economy to something a bit more nimble and future-facing. Quite a few tech companies—like Tabby and Tamara in fintech—are sizing up IPOs right now. It’s not just talk: you can feel, even at events I've dipped into across the region (and at Arageek, we love these stories), the buzz amongst founders and investors. It’s contagious.

All things considered, I reckon Ninja’s move says a lot about how the MENA startup ecosystem, especially in the Kingdom, is maturing. The idea of a speedy delivery company gunning for unicorn status and pondering a public listing would have seemed a bit pie-in-the-sky even just a few years back. Now, though? It’s spot on with Saudi Arabia’s plans to put itself on the global tech map. That said, pulling off a public splash is never a walk in the park. Still, seeing companies like Ninja aiming high—well, it leaves me quietly chuffed for where the region could be headed next.

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