Kenya's Quickmart IPO draws KSh 7.12bn in commitments, 47.5% of offer; closes 30 October

Kenyan supermarket chain Quickmart PLC has received commitments of up to KSh 7.12 billion, about 47.5% of its KSh 15 billion initial public offering (IPO), Capital FM reported on 26 October 2026. The offer closes at 5pm on 30 October.

Three applications worth KSh 5.18 billion were accepted by the company and its selling shareholder after the Capital Markets Authority (CMA), Kenya's capital markets regulator, approved a supplementary information memorandum on 23 October. They are KSh 1.94 billion from MOBILIST, KSh 1.94 billion from 337 Frontier Capital and KSh 1.3 billion from RWC Asset Management. The International Finance Corporation (IFC), the World Bank's private-sector arm, has made a conditional commitment of up to KSh 1.94 billion, subject to approval by its board.

Business Daily identified MOBILIST as a programme of the UK Foreign, Commonwealth and Development Office, 337 Frontier Capital LP as a US-based investment firm and RWC Asset Management LLP as a UK fund manager. Citizen Digital reported on 21 October that MOBILIST had subscribed US$15 million, about KSh 1.94 billion, and quoted Quickmart Group chief executive Peter Kang'iri as saying: "We welcome MOBILIST as an investment partner as we broaden QuickMart's ownership."

The offer is for 2 billion existing shares, 50% of issued capital, at KSh 7.50 each. Sokoni Retail Kenya Limited, the seller, receives the proceeds; Quickmart issues no new shares and gets no money from the sale.

The supplementary memorandum changed who gets what. Under the revised allocation, 12% of the shares go to Kenyan and East African retail investors, 32% to regional institutional investors, 8% to foreign investors and 48% to cornerstone investors. Business Daily reported on 25 October that Kenyan investors, retail and institutional together, now have at most 44% of the shares, down from 67%; the foreign share fell from 20% to 8% and the cornerstone share rose from 13% to 48%. The memorandum, dated 23 October, describes the indicative allocations as not binding and open to adjustment.

For retail investors, the minimum application is 500 shares, or KSh 3,750, with further shares in multiples of 100. Buyers need a CDS account; allotted shares are credited to it. Applications can be made:

By USSD: dial *483*803# and follow the prompts. This route is limited to KSh 250,000 and payment can be made through an M-Pesa prompt or later by instructions sent by SMS.

Online: through Quickmart's IPO portal, with documents uploaded and payment made through the designated channel.

On paper: forms handed to the placing agents before the offer closes.

Applications must be completed and paid for by 5pm on 30 October, and cannot be withdrawn once submitted. The offer is not underwritten. It proceeds only if valid applications cover at least 75% of the shares, or 1.5 billion; if not, money is returned without interest. Retail orders are scaled back proportionally if demand exceeds the allotment.

Results and allocations are due on 6 November. Shares are to be credited to CDS accounts, and refunds paid where due, on 11 November. Trading on the Nairobi Securities Exchange is scheduled to begin on 12 November, subject to the offer conditions.

Quickmart runs 72 stores in 16 counties and reported 2025 revenue of KSh 50.4 billion. Business Daily put net profit for the year at KSh 1.51 billion, up 33%, and said Quickmart holds about 15% of the market, second to Naivas.

Business Daily also set out what Sokoni's shareholders stand to receive from the sale: KSh 7.62 billion for private-equity firm Adenia, which owns 50.79% of Sokoni; KSh 4.77 billion for the family of the late founder John Kinuthia, 31.83%; KSh 1.8 billion shared by the three Tumaini Supermarket founders, 12.02%; and KSh 803.3 million for Kang'iri, 5.36%.