MENA e-commerce giant Noon is considering launching a stock market listing within the next two years, with plans for a dual listing in both Saudi Arabia and the United Arab Emirates. The move is contingent on the company, which sells everything from laptops to groceries, achieving profitability.
By the Numbers
Founded in 2016 with investment from Saudi Arabia’s Public Investment Fund, Noon has grown into a regional powerhouse:
- ~$10 Billion: The company’s current valuation.
- $2.7 Billion: The total amount raised by Noon since its launch.
- 24 Months: The potential timeline for the IPO, according to founder Mohamed Alabbar.
Profitability a Prerequisite for Public Listing
In a recent interview, Noon’s founder and chairman, Mohamed Alabbar, disclosed that a listing was possible within 24 months, but that the company would need to show profitability before going public. He noted that the company was “almost profitable”. The company’s recent push into delivering fresh food has helped it become one of the market leaders in the grocery sector in the UAE.
Pushing Autonomous Delivery to Cut Costs
Simultaneously, Noon is pushing into autonomous delivery in an effort to cut down on costs. The company plans to lease self-driving vans and three-wheeled vehicles, rather than purchasing them, allowing the robots to work continuously and reducing the need for a large driving force.
Eyeing M&A and New Markets
Beyond the potential IPO, Noon is also aiming to forge new collaborations and is seeking more merger and acquisition opportunities. This is part of its pursuit to break into other markets, including a potential expansion into India.
Source: WAYA
