Kenya’s second-largest supermarket chain, Quickmart, has secured the UK government as its second cornerstone investor. The UK will buy a 6.5% stake for KSh1.94 billion ($15 million) through the retailer’s initial public offering on the Nairobi Securities Exchange.
The UK Foreign, Commonwealth and Development Office will buy 260 million of the 2 billion shares on offer through MOBILIST, its programme for investing public capital in companies listed on developing-country markets. The International Finance Corporation, the World Bank’s private investment arm, committed earlier in October to a similar 6.5% stake for KSh1.94 billion ($15 million), or 258.67 million shares, subject to approval by its board.
The two commitments together come to about KSh3.88 billion ($30 million), roughly a quarter of the shares on offer, with the offer still open.
“We welcome MOBILIST as an investment partner as we broaden Quickmart’s ownership,” Quickmart Plc Chief Executive Officer Peter Kang’iri said in a statement. “With MOBILIST’s support, our proposed listing will help realise Quickmart’s ambition to create long-term shareholder value.”
The offer is a sale of existing shares by Sokoni Retail Kenya Limited, the vehicle through which Quickmart’s current owners hold their stakes. It covers 2 billion shares at KSh7.50 ($0.06) each, half of the company’s issued share capital. At that price, the sale raises KSh15 billion ($116 million) and values Quickmart at KSh30 billion ($232 million). Quickmart will issue no new shares and will receive none of the proceeds, according to the offer announcement.
Private equity firm Adenia Partners, registered in Mauritius, holds 50.79% of Quickmart. The Kinuthia family, which founded the chain in Nakuru, holds 31.83%. The founders of Tumaini supermarkets, which merged with Quickmart after Adenia’s 2019 investment, hold 12.02%, and Kang’iri holds 5.36%. Each is selling half of its holding. Sokoni Retail may sell additional shares equal to up to 15% of the initial offer if demand is strong, which would cut its retained stake from 50% to about 42.5%, according to the company.
The offer allocates 20% of the shares to Kenyan retail investors, 35% to Kenyan institutions, 12% to investors from the East African Community and 20% to foreign investors. The IFC’s cornerstone allocation is 13%. The announcement states that the IFC is participating solely as a commercial investor and that its participation implies no sovereign, governmental or institutional guarantee or credit support.
Quickmart runs 72 stores in 16 counties. The company reported revenue of KSh50.4 billion ($390 million) and adjusted profit after tax of KSh1.7 billion ($13.1 million) for the year ended Dec. 31, 2025. Its board intends to pay out at least 80% of annual profit after tax as dividends after the listing, paid twice a year, according to the offer documents.
This is the IFC’s return to Kenyan retail. It was part of a consortium that held 31.5% of rival chain Naivas from 2020 until it sold its shares in 2022. The IFC has also committed $90 million to Airtel Money’s IPO in London.
Quickmart is the first major supermarket chain to seek a listing in Kenya since Uchumi Supermarkets went public in 1992.
What to watch
The offer opened on Oct. 5 and closes on Oct. 30, according to Quickmart. The IFC’s stake still needs approval from its board. Allocation results, including whether Sokoni Retail exercises the option to sell up to 15% more shares, will show how far demand from Kenyan retail and institutional investors extends beyond the two cornerstone commitments.