The UK government has subscribed KSh1.94 billion to Quickmart's initial public offering, about 13% of the KSh15 billion share sale, TechTrendsKE reported on 22 October. The money comes through MOBILIST, the Foreign, Commonwealth and Development Office's programme for public markets in emerging economies, and amounts to an estimated 6.5% of Quickmart, subject to final allotment.
It follows a conditional commitment of up to $15 million, also about KSh1.94 billion, from the International Finance Corporation, subject to board approval. If both are fully allotted, the two institutions would hold nearly 26% of the shares on offer.
The offer
- Two billion existing shares at KSh7.50 each, half of Quickmart's share capital
- Sold by Sokoni Retail Kenya, the vehicle for existing owners including private equity firm Adenia Partners
- Quickmart receives none of the proceeds, because no new shares are issued
- The offer closes on 30 October; trading on the Nairobi Securities Exchange is expected from 12 November
The business
Quickmart runs 72 stores across 16 counties. It reported revenue of KSh50.43 billion for 2025, up from KSh46.71 billion in 2024 and nearly double the KSh25.68 billion of 2021. Net profit rose 33% to KSh1.51 billion. It paid KSh1.65 billion in dividends, more than its profit for the year, and says it aims to pay out at least 80% of earnings in coming years.
MOBILIST has already backed two Kenyan listings this year: $9 million in the ALP industrial property REIT and about KSh1.2 billion in the Spearhead Africa Infrastructure Fund. Its stake in a supermarket chain takes it into consumer retail, as Nairobi tries to bring more companies and institutional money to its exchange.
