Mr Mandoob plans to go public on the Saudi stock market in the first half of 2026. The delivery services company now holds a valuation exceeding $213 million. CEO Obaid Al Enazi confirmed the plan as the company enters its next growth phase.
The IPO comes just four years after launch. Mr Mandoob moved fast from a self funded startup to a scaled platform serving millions. The listing reflects confidence in both the company and the wider Saudi delivery market.
From Self Funding to Rapid Scale
Mr Mandoob began with limited internal funding. Early focus stayed on operations, coverage, and customer trust. As demand grew, the company raised external capital to accelerate expansion.
Key milestones include:
- Launch with founder led self funding
- Successful investment rounds totaling $22.7 million
- Expansion of delivery coverage across the Kingdom
- Strong growth in users and transactions
This capital helped the company strengthen logistics, recruit talent, and invest in technology. Each step pushed the business closer to public market readiness.
Preparing for the Public Markets
Mr Mandoob has started IPO preparations. The company now works closely with Saudi regulators to meet listing requirements. At the same time, it continues to scale its operations.
Current priorities include:
- Completing regulatory and governance frameworks
- Strengthening financial reporting and controls
- Expanding partnerships with merchants and brands
- Upgrading core technology infrastructure
The company now serves more than 14 million users. This scale supports its public listing ambition and long term growth story.
Riding the Growth of Saudi’s Delivery Economy
The IPO plan aligns with strong momentum in Saudi Arabia’s delivery and logistics sector. Consumer demand continues to rise. Digital adoption remains high.
Market trends supporting the move include:
- Rapid growth in on demand delivery services
- Increased investor appetite for tech driven startups
- Rising role of SMEs in public markets
- Deeper capital market participation under Vision 2030
Small and medium enterprises now represent about 30 percent of listed companies in Saudi Arabia. Several startups have already moved from the parallel market to the main market as they matured.
Competition and Market Dynamics
The delivery sector remains highly competitive. Global players continue to enter the Saudi market. Local firms also pursue mergers and acquisitions to gain scale.
According to Al Enazi, these dynamics will strengthen the sector over time. Increased competition drives efficiency and innovation. However, challenges persist.
Key pressures include:
- Aggressive price competition
- High customer acquisition costs
- Margin pressure across platforms
Some competitors have already exited the market. Mr Mandoob aims to compete through scale, partnerships, and operational discipline rather than price alone.
A Signal of Startup Maturity
The planned IPO signals more than one company milestone. It reflects the growing maturity of Saudi startups. It also shows how quickly young companies can reach public market readiness.
If successful, the listing will position Mr Mandoob as a leading local delivery player. It may also encourage other high growth startups to consider the public markets.
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Mr Mandoob plans a Saudi IPO in H1 2026 with a valuation above $213 million, highlighting strong growth in the Kingdom’s delivery sector.
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From startup to public markets, Mr Mandoob’s IPO plan reflects Saudi Arabia’s fast maturing tech and delivery ecosystem.