Ninja Eyes $1B Riyadh IPO, Taps Citi and Goldman

Key Developments

Saudi Arabian quick-delivery startup Ninja has appointed major global banks, including Citigroup Inc. and Goldman Sachs Group Inc., for a potential initial public offering in Riyadh. The company aims to raise approximately $1 billion through the listing.

Market Context and Timeline

The IPO plans, reportedly targeting late 2026 or early 2027, are still in the preliminary stages. Ninja is considering this public listing against a backdrop of regional geopolitical conditions, having previously gauged investor appetite during a period of heightened tensions.

Strategic Alternatives

According to sources familiar with the matter, Ninja's leadership may still opt for alternative financing routes. These alternatives could include another private capital raise if executives decide against proceeding with the IPO in the near term, as plans remain confidential.

Summary and Outlook

While the selection of prominent banks signals serious intent for a public listing, the final decision remains contingent on market stability and strategic priorities. All involved parties, including Ninja and the selected banks, have declined to comment on the matter, leaving investors to await future official announcements.

FAQ

Q: Which banks is Ninja working with for its potential IPO?
A: Ninja has reportedly selected Citigroup Inc., Goldman Sachs Group Inc., Riyad Capital, and UBS Group AG.

Q: How much does Ninja aim to raise from the IPO?
A: The company is seeking to raise approximately $1 billion.

Source: Investing.com