Saudi Arabian quick commerce company Ninja is reportedly preparing for an Initial Public Offering (IPO), a move that highlights the increasing maturation of the Kingdom’s technology ecosystem. The preparations are part of a broader wave of Saudi tech companies moving toward public listings, indicating genuine ecosystem development rather than isolated success stories.
By the Numbers
Ninja’s rapid growth and the strength of the Saudi tech market provide a strong foundation for a potential IPO:
- $1.5 Billion: Ninja’s valuation, achieved within three years of its founding in 2022.
- $3.5 Billion+: The amount raised by Saudi tech companies through first-time share sales this year alone.
- 28% Growth: The growth of Saudi Arabia’s e-commerce market in 2023.
- 400+ Cities: Ninja’s operational footprint across Saudi Arabia, Bahrain, Qatar, and Kuwait.
A Maturing Tech Ecosystem
The pipeline of Saudi tech companies preparing for IPOs demonstrates that the sector has reached sufficient scale and maturity to support multiple public offerings. Other major tech firms, including fintechs
Tabby and Emkan Finance, have also reportedly hired major investment banks like JPMorgan Chase and Morgan Stanley as advisers for their own public listings. The systematic nature of these preparations suggests that Vision 2030’s economic diversification strategy is producing measurable results in creating sustainable tech businesses capable of accessing public capital markets.
Riding the Wave of Digital Adoption
Ninja’s rapid growth to unicorn status reflects broader shifts in consumer behavior and the accelerated adoption of digital commerce across the Gulf region. Saudi Arabia’s e-commerce market saw digital transaction values reach
770.9 billion Saudi riyals in 2023, providing a substantial foundation for quick commerce services like Ninja to thrive. The company’s ability to scale across hundreds of cities in multiple countries illustrates how quickly tech startups can capture market share in regions experiencing rapid digital transformation.
Source: Tech in Asia
