CloudKitchens shelves Middle East unit IPO
CloudKitchens, the US company backed by Saudi Arabia’s Public Investment Fund (PIF), has reportedly put on hold plans to list its Middle Eastern business.
It is now considering a private placement, Bloomberg reported, citing unidentified sources.
The company provides commercial kitchen space to ‘ghost kitchens’ – restaurant businesses that serve customers exclusively by delivery and pick-up – and provides maintenance and logistics support and software to manage online orders.
The startup operates under the KitchenPark brand in the UAE, Bahrain, Saudi Arabia and Kuwait, according to its website.
In September, CloudKitchens was planning a dual listing in Abu Dhabi and Saudi Arabia as early as 2026.
The company was targeting a $2 billion valuation, the sources said, adding that plans to go public could be revived.
In 2019, PIF invested $400 million in the company, which is run by former Uber CEO Travis Kalanick.
Further reading:
- Secondary share sales outperform IPOs across Gulf
- EFSIM Facilities pulls IPO from Saudi Exchange
- Year-end Saudi IPO sprint raises hopes for 2026
You May Also Like
Bitcoin’s Price Recovery Revives Profit Margins For Short-Term Whales, Rally To Extend?
Google and PayPal Team Up to Power Next-Gen Commerce for Billions
