Quickmart PLC opened its initial public offering selling 2 billion shares at KES 7.50 each. The price values the supermarket chain at KES 30 billion. The sale could raise KES 15 billion, but none of it goes to Quickmart.
The shareholder selling is Sokoni Retail Kenya Limited. The Capital Markets Authority has approved the offer, and the Nairobi Securities Exchange has approved listing on its Main Investment Market Segment. Read the full terms in the Information Memorandum.
What the Offer Covers
The IPO is an offer for sale of 2 billion existing shares, equal to 50% of Quickmart’s 4 billion issued shares. The company issues no new shares and will not receive proceeds from the sale. Sokoni Retail Kenya keeps the other 50% after the offer. The announcement lists no overallotment option.
Quickmart said the listing would “broaden its ownership base and create a meaningful public free float.” The retailer operates 72 outlets across Kenya.
Key Dates
- October 5: Offer opens at 9:00 am.
- October 30: Offer closes at 5:00 pm, which is also the last day of payment for retail investors.
- November 6: Results and allocation notices announced.
- November 10: Qualified institutional investors pay.
- November 11: CDS accounts credited and refunds processed.
- November 12: Trading begins on the NSE.
The offer proceeds only if investors subscribe for at least 75% of the shares, or 1.5 billion. If subscriptions fall short, all application money is refunded.
How to Apply and What It Costs
The minimum application is 500 shares, which costs KES 3,750. Larger applications go up in multiples of 100 shares. There is no maximum. Every applicant needs a CDS account before shares can be credited. Applications cannot be withdrawn or changed without the Issuer’s written consent.
Investors can apply in two ways:
- Electronic: Use the online application portal or dial USSD code 483803#. The USSD route covers applications of up to KES 250,000.
- Physical: Download the application form from the portal and submit it to a Placing Agent by 5:00 pm on October 30.
Retail investors in Kenya receive 20% of the offer. Kenyan institutions receive 35%, East African Community investors 12%, foreign investors 20%, and the International Finance Corporation 13%.
IFC Anchors the Offer
The IFC has conditionally committed up to USD 15 million, about KES 1.94 billion, as cornerstone investor. That is roughly 13% of the offer and about 6.5% of Quickmart’s shares after listing. IFC’s board must still approve the commitment. The IFC said its participation is a commercial investment and does not endorse the company or the offer.
Valuation and Dividend
At KES 7.50, Quickmart trades at 12.9 times projected FY2026 adjusted earnings and 5.7 times projected FY2026 EV to adjusted EBITDA. Kenyan Wall Street calculated that listed African supermarket peers average 25.14 times earnings among profitable firms. That puts the Quickmart price well below the peer average on that measure. It is an illustrative comparison and not a ruling on fair value. x
Quickmart projects a FY2026 dividend of KES 0.50 per share, a 6.7% yield at the offer price. The company reported FY2025 revenue of KES 50.4 billion and profit after tax of KES 1.51 billion. It projects revenue of KES 58.2 billion in FY2026 and KES 67.4 billion in FY2027. x
Growth Plans
Quickmart expects to reach 73 stores by the end of 2026 and 125 by 2030. Chief executive Peter Kang’iri has described the listing as a step to widen ownership of the business. The company plans to fund openings from its own cash flow. The selling shareholder has agreed to a 24 month lockup on 60% of its post offer holding, starting on the listing date.
What to Watch
Investors should read the Information Memorandum before applying. The CMA and NSE approvals are not a recommendation of the shares. The forecasts for revenue, earnings and dividends are the company’s projections and may not hold.
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