Saudi startup Ninja is moving forward with plans for an IPO on the Tadawul despite ongoing volatility in the capital markets associated with regional conflicts.
Established in 2022, the quick-commerce firm has recently engaged with investors and participated in a banking conference in the United Kingdom, highlighting its commitment to the IPO strategy.
This quick-commerce platform secured $254M in a pre-IPO funding round led by Riyad Capital, with participation from vii Ventures, Altia Investment, Tamasuk Al Rajhi, and other local investors earlier last year.
Representatives from Ninja are currently in the final stages of selecting investment banks to oversee the IPO process.
The listing is anticipated to occur later this year or in early 2027. This decision comes in the context of significant backing from various investors within the kingdom, including institutional and semi-government entities.
Since its inception, Ninja has experienced rapid growth, successfully expanding its operations into Bahrain, Kuwait, and Qatar.
This aggressive expansion strategy has enabled the firm to attain unicorn status, with its valuation surpassing $1B. As it prepares for the public listing, Ninja is positioning itself as a key player in the quick-commerce sector within the region.
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