Saudi delivery platform Mr Mandoob is preparing for a potential initial public offering in the first half of 2026, after its valuation surpassed $213 million, according to comments from chief executive Obaid Al-Enazi.
Speaking to Al Eqtisadiah, Al-Enazi said the company is currently working with regulators to complete listing requirements, while continuing to build partnerships, enhance its service offering and deepen its use of technology to support a customer base that now exceeds 14 million users across the Kingdom.
The planned listing would mark another milestone for one of Saudi Arabia’s largest homegrown consumer delivery platforms, as competition in the sector intensifies following the entry of global players into the local market. Al-Enazi said consolidation among domestic operators, alongside international competition, is likely to support long-term growth in the delivery sector rather than weaken it.
According to data compiled by Argaam, Mr Mandoob appointed Emkan Alarabiya as its financial adviser in August 2023 to explore a potential offering, including a listing on the Nomu Parallel Market. The company’s founder, Hammoud Al-Ghosn, previously told Argaam that a Nomu listing was the preferred route for going public.
Mr Mandoob’s growth has been underpinned by steady capital formation since launch. The company began with approximately $270,000 in self-funding from its founders before attracting external investment to scale operations. Over the past four years, it has raised a total of $22.7 million across multiple funding rounds.
