Quickmart IPO Opens with 2 Billion Shares at KES 7.50

(NAIROBI, KENYA) – Quickmart’s Initial Public Offer opened on 5th October 2026 with a price of KES 7.50 per share, targeting KES 15 billion ($115.4 million / £89.9 million) from the sale of two billion shares by the retailer’s founders and private equity fund Adenia Partners.

The minimum subscription has been set at 500 shares, equivalent to KES 3,750 ($28.85 / £22.48). Incremental applications will be in multiples of 100 shares, with no limit on the maximum shares one can purchase.

The offer is conditional on achieving a 75% subscription rate, equivalent to 1.5 billion shares being taken up by investors, according to Quickmart’s information memorandum.

The sellers reserve the right to waive this requirement before the allotment date, with approval from the Capital Markets Authority.

Quickmart will enter the market at an overall valuation of KES 30 billion ($230.8 million / £179.8 million), based on the offer price and the company’s four billion total issued shares.

The sale period runs until 30th October 2026, with a tentative listing date of 12th November 2026.

“The opening of the offer marks an important milestone in Quickmart’s journey,” said Chief Executive Officer Peter Kang’iri in a statement.

“Over the past two decades, we have expanded our national footprint, strengthened our operating platform and continued to invest in our stores, our people and our technology, while remaining focused on what our customers value most: price, convenience and freshness.”

The offer shares are wholly held through an investment vehicle known as Sokoni Retail Kenya Limited, created after the merger of Quickmart and Tumaini supermarkets in 2019 following Adenia’s acquisition of majority stakes in both retailers.

Adenia holds a 50.8% stake in Sokoni, the family of Quickmart founder the late John Kinuthia 32%, Tumaini founders 12% and Mr Kang’iri 5.4%. Each of the four core owners has committed to sell half their holdings, meaning Adenia will remain the anchor shareholder post IPO.

Kenyan institutional investors have been allocated 35% of the IPO shares, followed by local retail and offering investors at 20% each. East African Community investors have an allocation of 12%. These limits can be adjusted depending on subscription levels per investor category.

This is the second IPO at the Nairobi bourse this year, following the government’s KES 106 billion ($815.4 million / £635.1 million) sale of a 65% stake in Kenya Pipeline Company in March 2026. Family Bank Limited also listed in June 2026 via introduction rather than a public offer.

The listings have widened investor choice in a market where five counters, Safaricom, Equity Bank, KCB, East African Breweries Limited and Cooperative Bank, dominated trading.

Quickmart will become the second listed retailer at the bourse, joining the struggling Uchumi Supermarket, which went public in 1992.

For the founders and Adenia, the IPO offers a chance to cash in on part of their stock at a time when the retailer is making higher profits and expanding aggressively in the local market.

Quickmart is now the second largest retail chain in Kenya behind Naivas by store count and turnover, with an estimated 15% share of the market. The company has 72 stores across 16 counties.

In the year ended December 2025, Quickmart reported a 33% growth in net profit to KES 1.51 billion ($11.6 million / £9.1 million). Sales rose 9.3% to KES 50.43 billion ($387.9 million / £302.4 million).

The retailer paid shareholders a dividend of KES 1.65 billion ($12.7 million / £9.9 million), representing a payout ratio of 109%.

Quickmart says it will maintain a policy of paying at least 80% of net profit as dividends post listing, joining a select list of firms that distribute more than three quarters of net earnings to their owners.