Riyadh - Sharikat Mubasher: Saudi-based quick commerce platform Ninja selected a group of banks to work on a potential initial public offering (IPO) in Riyadh by the end of the year or in early 2027.

The Saudi platform lined up Citigroup, Goldman Sachs Group, Riyad Capital, and UBS Group AG for the IPO, aiming to raise nearly $1 billion from the deal, as reported by Bloomberg.

Ninja could still pursue alternatives, including a private capital raise if executives decide against moving ahead with an IPO in the near term.

In March, the company’s executives held meetings with potential investors, including discussions during a banking conference in London earlier this month, to explore investor interest.

Founded in 2022, Ninja operates an online platform delivering groceries, medicines, and other everyday products across Saudi Arabia. The startup has grown rapidly in the Kingdom’s expanding quick-commerce sector.

The company last raised $250 million in 2025 from a group of local investors led by asset manager Riyad Capital, valuing the business at around $1.5 billion.