Most three-year-old companies are still figuring out their first office lease. Ninja is hiring bankers for a billion-dollar IPO.
The Saudi quick-delivery startup just tapped banks to advise on an offering that could come as soon as next year. The deal would be one of the larger tech listings in the region in years.
A Fast Climb
Ninja was founded in 2022 by Ebrahim Al-Jassim, Saud Al Qahtani and Canberk Donmez. The company runs an online supermarket that delivers groceries, medicines and household basics across Saudi Arabia.
Earlier this year, Ninja raised $250 million from a group of local investors led by Riyad Capital. That round vaulted it onto Saudi Arabia's unicorn list at a $1.5 billion valuation.
The growth rate is what banks are paying attention to. Ninja generated about $1 billion in revenue in 2025 and is aiming for $1.6 billion this year.
That's a 60% growth rate at scale, the kind of curve that makes underwriters return calls quickly.
The IPO Setup
The company has asked banks to pitch for IPO advisory roles. The offering is targeted for as early as 2027, depending on market conditions.
Saudi Arabia's Tadawul exchange is the likely listing venue, in line with most tech debuts in the kingdom.
Final timing depends on which banks land the mandate and how the regional IPO market holds up over the next year.
For investors, a successful Ninja listing would be a clear signal that Saudi tech is moving from venture funding to public markets.
Why This Matters
Saudi Arabia has been pumping money into tech under its Vision 2030 plan to move the economy off oil.
Ninja is one of the more visible signs that the plan is producing real companies, not just announcements.
Quick commerce across the Gulf has gotten crowded, but Ninja's home-market scale and revenue base put it in rare company among regional startups.
The company has expanded into nearby markets in the region as well, building a regional presence on top of its Saudi base.
The IPO would also offer global investors a way to play Saudi consumer growth without needing local partners.
What To Watch
Final IPO timing depends on market conditions and which banks land the deal. A Riyadh listing of this size would be one of the most-watched tech debuts in the region.
Ninja's climb from startup to potential public company in five years also gives investors a fresh playbook for what's possible inside the Gulf.
