Saudi Arabia-based quick-delivery startup Ninja has appointed a quartet of banks to advise on a possible initial public offering in Riyadh, people familiar with the matter told reporters. The financial institutions named to work on the proposed deal are Citigroup Inc., Goldman Sachs Group Inc., Riyad Capital and UBS Group AG.
Those people, who requested anonymity because the discussions are confidential, said Ninja is targeting roughly $1 billion in proceeds from the offering. The potential IPO is tentatively scheduled for toward the end of 2026 or in early 2027, according to the same sources.
Company and bank representatives declined to provide comment, the people added. The planning remains at a preliminary stage, and Ninja's leadership has not ruled out pursuing other alternatives, including raising private capital instead of proceeding with a public listing if executives decide that an IPO is not the preferred path in the near term.
Sources said Ninja began gauging investor demand earlier in March, including outreach at a London conference. That investor outreach coincided with a period of heightened regional tensions, when Saudi Arabia and other Gulf states were dealing with Tehran's retaliation for U.S.-Israeli strikes on Iran. The process of selecting banks and testing the market comes against the backdrop of a fragile, monthlong U.S.-Iran ceasefire, the people said.
At this stage, no final decision has been announced and the timetable for any listing remains subject to change. The choice of Citigroup, Goldman Sachs, Riyad Capital and UBS places both global and regional advisory capabilities on the table as Ninja evaluates investor appetite ahead of any formal filing or mandate.
Summary
Ninja has engaged Citigroup, Goldman Sachs, Riyad Capital and UBS to work on a potential Riyadh IPO that could raise about $1 billion, with a possible window toward late 2026 or early 2027. The company continues to consider alternatives, including private funding, and previously tested investor interest in March amid regional geopolitical unease.