Riyadh - Mubasher: Saudi q-commerce startup Ninja announced plans for an initial public offering (IPO) in Riyadh amid regional volatility to expand business in the Kingdom as well as regional markets.
Subject to market conditions, the company is currently finalizing decisions on IPO timing and selecting advisory banks, with the offering potentially taking place in 2026, according to a press release.
Founded in 2022, Ninja raised $250 million in 2025, led by Riyad Capital, reaching a $1.50 billion valuation and joining Saudi Arabia’s growing pool of tech unicorns.
The anticipated IPO aligns with Saudi Arabia’s wider strategy to strengthen its capital markets and position itself as a regional center for technology, innovation, and investment.
The company reported revenues of roughly $1 billion last year and is targeting $1.60 billion in 2026, indicating strong year-on-year (YoY) growth.
Ninja has also recently held discussions with investors, including at a banking conference in London, to gauge interest in the potential listing.
