PHOTO
Saudi Arabian startup Ninja is going ahead with plans to launch an initial public offering (IPO) and list on the Saudi Exchange (Tadawul) despite volatility in the capital markets caused by the Middle East conflict.
Founded in 2022, the quick-commerce firm’s representatives have held meetings with investors recently and participated in a banking conference in the United Kingdom this month, according to Bloomberg.
Ninja is weighing which investment banks to commission for the IPO, with the selection process now in the final stages, the news agency said, quoting sources familiar with the matter.
The listing is slated for later this year or early 2027.
The private startup has been heavily supported by investors in the kingdom, including institutional and semi-government entities.
Since its launch, the firm has scaled up rapidly, expanding into Bahrain, Kuwait and Qatar, and has reached unicorn status with a valuation of more than $1 billion.
(Writing by Cleofe Maceda; editing by Seban Scaria)
