Saudi Delivery App Ninja Taps Banks for $1 Billion IPO

Saudi startup Ninja has picked a roster of banks to work on a potential initial public offering in Riyadh, according to people familiar with the matter, pressing ahead with listing plans despite lingering uncertainty over the war in Iran.

The quick-delivery firm has lined up Citigroup Inc., Goldman Sachs Group Inc., Riyad Capital and UBS Group AG for a possible offering toward the end of the year or in early 2027, the people said, asking not to be identified discussing confidential information. The company is seeking to raise about $1 billion from the deal, some of the people said.