Saudi-based last-mile delivery startup Mndoub (formerly Ninja) is gearing up for a potential initial public offering, reportedly targeting a valuation of around $1 billion. According to sources familiar with the matter, the company has selected an international lineup of banks, including Citi Group, Goldman Sachs, UBS, and the local Riyad Capital, to manage the prospective listing.
Quick Facts
- Target IPO Raise: Approximately $1 billion
- Appointed Banks: Citi, Goldman Sachs, Riyad Capital, UBS
- Previous Valuation: $1.5 billion after last funding round
- Projected Revenue (2026): Targeting $1.6 billion
Banking Giants Tapped for Landmark Listing
The Riyadh-based company is planning its public debut for either the end of this year or early 2027. The move signals significant ambition for the logistics player, which has become a key part of the Kingdom’s rapidly growing e-commerce infrastructure.
Sources noted that the plans are still in the early stages and could be subject to change. If market conditions lead to a postponement of the IPO, Ninja may explore a private funding round as an alternative to fuel its expansion.
Navigating a Challenging IPO Market
Ninja’s move toward the public market comes amid a period of regional uncertainty and a slowdown in IPO activity in 2026, influenced by geopolitical factors. Despite a recent dip in public listings across the Gulf, the Saudi market has remained relatively resilient, bolstered by stable oil prices and strong local investor appetite.
This confidence is reflected in a recent report from Endeavor Saudi, which found that approximately 77% of technology companies in the Kingdom are approaching IPO readiness, pointing to a robust pipeline of future listings on the Tadawul.
Growth Trajectory Fuels Public Ambitions
The company’s IPO plans are backed by strong financial performance. Ninja recorded revenues of nearly $1 billion in 2025 and is aiming to hit $1.6 billion in 2026.
This growth follows a significant funding milestone last year when the startup raised $250 million in a round led by Riyad Capital. That deal valued the company at $1.5 billion, setting the stage for its current public market ambitions.
About Mndoub (formerly Ninja)
Mndoub is a technology-driven last-mile delivery and logistics company headquartered in Saudi Arabia. It provides fast, reliable, and efficient delivery solutions for e-commerce businesses, retailers, and individuals across the Kingdom, playing a critical role in the country’s digital economy.
Source: Jawlah
