Quickmart IPO Attracts Sh7.12 Billion Investor Commitments
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Quickmart PLC has attracted investor commitments of up to Sh7.12 billion from four institutional investors for its initial public offering (IPO), representing 47.5 per cent of the Sh15 billion offer.
The commitments comprise applications worth Sh5.18 billion from MOBILIST, RWC Asset Management LLP and 337 Frontier Capital, alongside a conditional commitment of up to Sh1.94 billion from the International Finance Corporation (IFC), subject to approval by its board.
MOBILIST has applied to invest Sh1.94 billion, while RWC Asset Management has applied for Sh1.3 billion and 337 Frontier Capital for Sh1.94 billion.
Quickmart said the three applications had been accepted by the retailer and its selling shareholder, Sokoni Retail Kenya Limited, following the Capital Markets Authority’s approval of a supplementary information memorandum on October 23.
The IPO involves the sale of two billion existing shares, equivalent to 50 per cent of Quickmart’s issued share capital, at an offer price of Sh7.50 per share.
The proceeds will go to Sokoni Retail Kenya Limited, with no new shares being issued by the retailer.
Quickmart Chief Executive Officer Peter Kang’iri said the IPO would provide Kenyan and regional investors with an opportunity to acquire a stake in the retail chain alongside international institutional investors.
The retailer operates 72 stores across 16 counties and reported revenue of Sh50.4 billion in the 2025 financial year.
Quickmart plans to expand through new stores, increased sales at existing outlets, digital channels and improved operational efficiency. The company expects to finance its expansion mainly through internally generated cash.
Under the revised IPO allocation, Kenyan and East African retail investors will receive 12 per cent of the shares on offer, while regional institutional investors have been allocated 32 per cent.
Foreign investors will account for 8 per cent, with cornerstone investors allocated the remaining 48 per cent.
The offer is scheduled to close at 5pm on October 30, with the results and share allocations expected on November 6.
Trading in Quickmart shares on the Nairobi Securities Exchange is scheduled to begin on November 12, subject to the offer conditions.
The offer price remains Sh7.50 per share. Prospective investors have been advised to review the IPO information memorandum and supplementary memorandum before making investment decisions.
