The IPO plans are still in the early stages, with no concrete decisions made regarding the timing or size of the offer. Credit: T. Schneider/ Shutterstock.

Saudi Arabia-based buy-now, pay-later ( BNPL) firm Tabby is reportedly taking steps towards an initial public offering (IPO), Bloomberg reported citing undisclosed sources.

The report stated that the company is collaborating with HSBC Holdings, JPMorgan Chase, and Morgan Stanley on the potential listing.

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According to people privy to the development, the IPO plans are still in a preliminary phase, with no concrete decisions made regarding the timing or size of the offer.

Tabby could reportedly consider garnering additional funds before the IPO.

The company’s valuation stands at $1.5bn following its series D equity financing round in 2023, which raked in $200m and helped it gain the unicorn status.

Tabby’s investor base includes entities such as Saudi Arabia’s STV and Hassana Investment Co., along with Sequoia Capital India, Soros Capital Management, Wellington Management, Mubadala Investment Capital, and PayPal Ventures.

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In 2023, Tabby also secured an asset-backed line of credit from JPMorgan.

Established in Dubai, Tabby relocated its headquarters to Saudi Arabia in 2023, with an eye on a future listing in Riyadh.

The firm enables customers to pay for purchases in instalments, with 12 million registered users and over 40,000 brand partnerships as of June 2024, according to Bloomberg.  

Tabby operates across Saudi Arabia, the UAE, and Kuwait.

In February 2024, Tabby introduced Tabby+, a subscription service that allows shoppers to use their Tabby Card to pay in four instalments anywhere.

Furthermore, in September 2024, Tabby acquired digital-wallet operator startup Tweeq for an undisclosed sum.

Tweeq is licensed by the Saudi Central Bank (SAMA).