#Saudi Quick Delivery Startup Ninja Said to Seek Banks for IPO - Bloomberg

Saudi Quick Delivery Startup Ninja Said to Seek Banks for IPO - Bloomberg

Saudi Arabia-based quick delivery firm Ninja is looking to hire investment banks to advise on a potential initial public offering that could take place as early as next year, according to people familiar with the matter.

Ninja has requested proposals from prospective underwriters and financial advisers for the deal, the people said, requesting anonymity to discuss private information.

The three-year-old firm joined the kingdom’s growing list of tech unicorns earlier this year after raising $250 million from a group of local investors led by asset manager Riyad Capital at a valuation of $1.5 billion. Based on its growth trajectory, Ninja expects to be able to seek a significantly higher valuation when it eventually lists, one of the people said.

No final decisions on the timing or size of the transaction have been taken, and a deal may not materialize at all. The company could decide to defer the deal to 2027 if investment banks believe that would be better, one of the people said.

Representatives for Ninja declined to comment.

Several startups valued at more than $1 billion have already emerged in Saudi Arabia, including fintech firms Tabby and Tamara. They underscore the kingdom’s push to build a dynamic tech sector as it works to broaden its economy beyond oil.

A listing by Ninja would add to the growing pipeline of technology companies preparing to go public in Riyadh. Tabby, for example, has been working with advisers such as JPMorgan Chase & Co. and Morgan Stanley on its own IPO and fintech Emkan Finance Co. has also hired Morgan Stanley and Al Rajhi Capital for a potential listing.

The kingdom has been the busiest Middle Eastern IPO venue so far this year, with companies raising over $3.5 billion through first-time share sales.