Insight
Quickmart Takes Its Aisles to the Nairobi Securities Exchange
Quickmart’s IPO came to a close yesterday, and it may be one of the most closely watched listings on the Nairobi Securities Exchange in years. Final subscription numbers weren’t available when I checked, so this covers the deal as it stood going into the close.
The offer
The IPO is a sale of two billion existing shares, half of Quickmart’s issued share capital, at Sh7.50 per share, with proceeds going to the selling shareholder, Sokoni Retail Kenya Limited, and no new shares issued. That makes it a partial exit for existing owners rather than a fundraising for the business. At that price the retailer is valued at about KSh30 billion, and the sale is expected to net current shareholders around KSh15 billion.
Sokoni itself is owned by four parties. They are Adenia Partners’ vehicle (50.8%), Quickmart’s founders (32.8%), the founders of Tumaini supermarkets (12.0%), and Group CEO Peter Kang’iri (5.4%). Sokoni cannot sell more shares for 24 months after the IPO. If the offer is fully subscribed, it will keep a 50% stake. Quickmart shares on sale on the Nairobi Securities Exchange - African Capital Markets News +2
The business behind the shares
Quickmart started in Nakuru in 2006 and merged with another retailer, Tumaini Self Service, in 2019. It reported revenue of KSh50.4 billion and net profit of KSh1.7 billion in 2025, across 72 stores. It projects FY2026 revenue of KSh58.2 billion and plans to reach 73 outlets by year-end. The offer documents describe a negative working capital strategy and self-financed expansion. Quick Mart Limited +3
The valuation
On the information memorandum’s figures, the offer price equals 12.9 times projected FY2026 adjusted earnings and 5.7 times EV/EBITDA, with an implied dividend yield of 6.7% on a projected KSh2.0 billion dividend. Those are the company’s own projections, so investors should weigh them as such. kenyanwallstreet
Who gets what
Demand from large investors reshaped the deal in its final week. Four cornerstone investors committed up to Sh7.12 billion, about 47.5% of the offer, and the allocation was revised to give 12% to Kenyan and East African retail investors, 32% to regional institutions, 8% to foreign investors and 48% to cornerstones. Cornerstone investors are allotted in full, with no pro rata scaling back even if the offer is oversubscribed. The IFC is among them. capitalfm thekenyatimes
For ordinary investors this means a smaller retail slice. Entry was possible from KSh3,750 for a minimum of 500 shares. If a category is oversubscribed, applicants may receive fewer shares than they applied for, and any unallocated shares in undersubscribed categories go first to Kenyan retail investors.
What happens next
The offer had a minimum subscription requirement of 75% of the shares, and results and allocations are expected on November 6. If the conditions aren’t met, the offer lapses and application money is refunded. Shares are due to be credited to CDS accounts on November 11, with trading on the Main Investment Market Segment expected from November 12. Quickmart Revises IPO Share Allocations, Adds 3 New Investors +2
Why it matters
This is only the second IPO on the NSE since 2015, after the Kenya Pipeline Company listing earlier this year. A successful debut would encourage other private companies and their backers to consider the exchange. A weak one would reinforce doubts about the appetite for new listings.
Some caution applies. The IPO is not underwritten, it gives the company no new capital, and a listing can open at a price above or below the offer price. This article is information, not investment advice, and anyone considering buying shares once trading starts should read the information memorandum and speak to a licensed adviser.