Saudi Arabia’s online grocer Ninja is seeking investment banks to advise on its possible initial public offering (IPO), which could materialise in early 2026, Bloomberg reported, quoting people familiar with the matter.

The startup has invited pitches from underwriters and financial advisers for the planned listing, the report said.

 Ninja achieved unicorn status this year after raising $250 million from a consortium of local investors led by Riyad Capital, which valued it at $1.5 billion.

The company is expecting to seek a significantly higher valuation on listing, Bloomberg reported. 

However, no final decisions on the timing or size of the transaction have been taken. 

Ninja may postpone listing to 2027 if investment banks believe market conditions warrant a delay, Bloomberg reported.

(Editing by Seban Scaria seban.scaria@lseg.com)