- Quickmart’s planned stock market debut is attracting interest from international investors.
- The supermarket chain is opening up ownership as its listing date approaches.
- Strong financial results are putting the retailer’s expansion strategy in focus.
Britain has pledged Ksh 1.94 billion to Quickmart’s share offer, with applications closing on October 30, 2026.
Through its MOBILIST programme, the UK government wants 260 million shares in the supermarket chain ahead of its Nairobi Securities Exchange (NSE) debut. That works out to about 13 per cent of the Ksh 15 billion offer and a stake of roughly 6.5 per cent in the business. At this price, Quickmart is valued at around Ksh 30 billion.
Investors have until 5:00 p.m. on that closing date to apply. Trading is expected to start on November 12, provided the offer conditions are met and the timetable does not change.
This is not a fundraising for Quickmart, however. No new shares will be issued. Instead, Sokoni Retail Kenya Limited is selling two billion existing shares, half of the company, at Ksh 7.50 each. Behind that vehicle sit Adenia Partners, a Mauritius registered private equity firm, the founders of Quickmart and Tumaini supermarkets, and chief executive Peter Kang’iri.
Mr Kang’iri said the UK backing fits his plan to spread ownership and build lasting value. He added that the retailer’s formula is simple: affordable fresh food and daily essentials, efficient stores and profits ploughed back into disciplined growth. Listing, he said, should also create jobs and opportunities for suppliers.
Numbers from 2025 explain the appeal. Revenue rose 9.3 per cent to Ksh 50.43 billion, and net profit surged 33 per cent to Ksh 1.51 billion. Shareholders took home Ksh 1.65 billion, which was 109 per cent of earnings. In future, at least 80 per cent of profits will go to them.
Growth will come from fresh stores, stronger sales in existing ones, digital channels and leaner operations. Most of it will be paid for from the business’s own cash.
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Meanwhile, the offer has been carved up by investor type. Kenyan institutions have the largest share at 35 per cent. Local retail buyers and foreign investors get 20 per cent each, East African Community investors 12 per cent and the International Finance Corporation (IFC) 13 per cent. Allocations may shift once demand in each group is known.
The IFC, the World Bank’s private sector investment arm, has made its own conditional offer to buy up to $15 million, equal to Ksh 1.94 billion. Its board must still approve the purchase. Both commitments act as cornerstone orders, which signal confidence to other buyers. Nevertheless, the IFC has made clear that its move is no recommendation to anyone else.
MOBILIST is Britain’s flagship programme for public markets. It invests, offers technical support, commissions research and builds partnerships to bring new investment products to listing. In 2024, it teamed up with the NSE to widen opportunities for Kenyan institutions, pension funds among them.
Quickmart runs 72 stores in 16 counties. By store count and turnover, it ranks second to Naivas, with an estimated 15 per cent share of the market.
Prospective buyers can find the offer terms, risks and application steps in the approved Information Memorandum at ipo.quickmart.co.ke.
By Benedict Aoya
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