Ninja Eyes Potential IPO in Riyadh Amidst Robust Growth Surge

Mohammed Fathy

Last updated 24-03-2026

3 min

Ninja is weighing a Riyadh IPO after sounding out investors.

Founded in 2022, it became a Saudi tech unicorn.

Revenue hit $1 billion, targeting $1,6 billion in 2026.

Market volatility may delay plans, with private funding still possible.

A listing could boost Tadawul and Saudi Arabia’s tech ambitions.

Saudi Arabia’s quick-commerce star Ninja is quietly weighing up a potential stock market debut in Riyadh, as it looks to ride the wave of its rapid growth. The company has been sounding out investors in recent weeks, including conversations held on the sidelines of a banking conference in London, to see how much appetite there is for a public listing.

Founded in 2022, Ninja has moved at breakneck speed. What began as an online supermarket delivering groceries, medicines and daily essentials has expanded across Saudi Arabia and into other Gulf markets. Three years in, it has become one of the Kingdom’s tech unicorns, no small feat in such a crowded, high-burn sector.

The numbers help explain the confidence. In 2025, Ninja raised $250 million from local investors led by Riyad Capital, pushing its valuation to around $1.5 billion. Revenue reportedly touched $1 billion last year, with a target of $1.6 billion in 2026. For a company barely out of its toddler years, that’s… well, not bad at all.

From what is understood, executives are now fine-tuning the details: timing, advisers, underwriters. The IPO could land later this year or slip into early 2026. On the flip side, if markets turn choppy, a private funding round remains on the table. In this region, flexibility is often the name of the game.

And timing really is everything. Saudi Arabia’s stock exchange has seen a slowdown in new listings recently, partly due to regional uncertainty and the broader geopolitical noise. That said, the Tadawul has shown resilience. Rising oil prices and limited direct spillover from ongoing tensions have helped steady the ship. Saleh Abdulaziz Al Rashed & Sons Co., the only Saudi listing so far this year, has gained roughly 8% since its March debut, a small but telling signal that investor confidence hasn’t vanished into thin air.

If Ninja does go ahead, it could inject fresh energy into the market. I’ve seen many founders across the MENA region dream about ringing that opening bell, but hesitate because the path feels like a bit of a faff, regulations, compliance, roadshows, you know? Still, when a homegrown tech player makes the leap, it tends to galvanise the ecosystem. At Arageek, we’ve always believed these moments matter. They show other startups that scaling big, and locally, is not just wishful thinking.

Of course, quick commerce is not an easy playground. Margins can be razor thin, logistics costs pile up, and customer loyalty is fickle. I reckon the real test for Ninja will not be growth alone, but sustainable profitability. Investors today are less dazzled by top-line numbers; they want solid fundamentals, spot on governance, and a clear route to cash generation.

Yet there’s no denying the broader picture. Saudi Arabia is pushing hard to diversify its economy and position itself as a serious technology and investment hub. A successful Ninja listing would fit neatly into that narrative, reinforcing the Kingdom’s ambition to nurture billion-dollar startups at home rather than exporting them abroad.

For now, the decision is not definately sealed. But whether it chooses the public markets or sticks with private capital a little longer, Ninja has already become one of the standout names in the Gulf’s startup story, and that, in itself, is something worth watching.

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