Saudi Arabian quick-delivery firm Ninja has been gauging investor appetite for a potential listing in Riyadh, despite volatility from a regional conflict that’s now in its fourth week.
Its executives have met with investors in recent weeks, including at a banking conference in London earlier this month, people familiar with the matter said, declining to be identified discussing private information. The firm is in the final stages of selecting investment banks to steer an initial public offering, the people said.
Ninja is expected to make a decision on whether to commit to an IPO and appoint underwriters in the coming weeks, with a stock market debut penciled in for later this year or early next, the people said. It could also to raise capital privately should executives decide against a listing in the near term, the people said.
The four-year-old firm raised $250 million in 2025 from a group of local investors led by asset manager Riyad Capital at a valuation of $1.5 billion.
Buoyed by a rapid rise in sales, Ninja could potentially seek a much higher valuation when it goes public. It notched up revenue of $1 billion last year and is looking to generate about $1.6 billion in 2026, the people said.
Representatives for the firm declined to comment.
Founded in 2022, Riyadh-based Ninja operates as an online supermarket for groceries, medicines and other products, according to its website.
A successful listing by Ninja could help rekindle momentum at Saudi Arabia’s bourse after a multi-year rush of IPOs slowed in recent months. Since the war started, the kingdom’s stock market has held up better than its neighboring United Arab Emirates, as higher oil prices have supported energy stocks such as Aramco and the country has faced fewer direct Iranian missile and drone hits.
Saudi Arabian miner Saleh Abdulaziz Al Rashed & Sons Co., the kingdom’s only listing so far this year, has defied conflict-linked volatility and is up about 8% since its debut earlier in March.
No comments:
Post a Comment