Quickmart PLC has raised the cornerstone share of its KSh15 billion initial public offering (IPO) from 13% to 48%, after the Capital Markets Authority (CMA) approved three more institutional investors.
The CMA approved the revised allocation on 23 October. It cleared applications from the UK Foreign, Commonwealth and Development Office’s MOBILIST programme, RWC Asset Management and the US firm 337 Frontier. They join the International Finance Corporation (IFC), which had conditionally agreed to buy up to US$15 million, about KSh1.94 billion, of offer shares at launch.
The cornerstone pool now holds an indicative 960 million shares worth KSh7.20 billion at the KSh7.50 offer price. That is 48% of the 2 billion shares on offer.
The approval follows the CMA’s 6 October clearance for Kenyans to buy Dangote Refinery shares, which Khusoko reported.
What each cornerstone investor applied for
| Investor | Amount (KSh billion) | Share of the offer |
|---|---|---|
| IFC | 1.94 | 12.9% |
| MOBILIST (UK) | 1.94 | 12.9% |
| 337 Frontier (US) | 1.94 | 12.9% |
| RWC Asset Management | 1.30 | 8.7% |
| Total | 7.12 | 47.5% |
The four commitments total KSh7.12 billion, about KSh80 million below the KSh7.20 billion pool.
Chief executive Peter Kang’iri said: “We welcome the commitments from IFC, MOBILIST, RWC Asset Management and 337 Frontier.” He added that the commitments would broaden the retailer’s ownership and give investors a way to take part in its long term growth.
Who the new investors are
MOBILIST is a UK government backed programme that mobilises institutional capital through listed markets. RWC Asset Management is part of the Redwheel Group and is regulated by the UK Financial Conduct Authority and the US Securities and Exchange Commission (SEC). 337 Frontier is a US SEC registered investment adviser that focuses on frontier African equities outside South Africa.
According to a supplementary information memorandum, RWC applied for about KSh1.3 billion ($10 million) of shares. That equals about 4.3% of Quickmart’s share capital after the listing on the Nairobi Securities Exchange (NSE).
How the allocation changed
| Investor group | Original plan | Revised plan | Revised value (KSh billion) |
|---|---|---|---|
| Cornerstone investors | 13% | 48% | 7.20 |
| Kenyan and East African retail investors | 20% (Kenyan retail) | 12% | 1.80 |
| Kenyan and East African institutions | 35% | 32% | 4.80 |
| East African investors | 12% | Grouped into the two rows above | n/a |
| Foreign investors | 20% | 8% | 1.20 |
| Total | 100% | 100% | 15.00 |
The revised plan groups Kenyan and East African investors together. The retail pool now stands at 240 million shares. NSE chief executive Frank Mwiti has said retail investors account for less than 10% of market participation in Kenya. The minimum application is 500 shares, or KSh3,750.
For context on institutional money, Khusoko reported on 24 October that assets in Kenya’s collective investment schemes rose to Sh948.7 billion.
What the offer involves
Quickmart is selling 2 billion existing shares, equal to 50% of the supermarket chain, at KSh7.50 each. That values the company at KSh30 billion. Sokoni Retail Kenya Limited is the seller, so the proceeds go to its owners: Adenia Partners, the Kinuthia family, the Tumaini founders and Kang’iri. Quickmart receives nothing.
When the listing was announced, Kang’iri said it would let Kenyans own “a share of a business they already shop in”. Martha Osier, a partner at Adenia Partners, called the listing “a natural next step”.
The offer is not underwritten. It proceeds only if investors take up at least 75% of the shares, or 1.5 billion shares worth KSh11.25 billion. The KSh7.12 billion in cornerstone commitments covers about 63% of that threshold.
On pricing, Standard Investment Bank Research found the KSh7.50 price sits 2.3% above its estimate of fair value. Quickmart projects a dividend of KSh0.50 per share for 2026, a yield of 6.7% at the offer price. The company reported revenue of KSh50.4 billion in 2025 and runs 72 stores across 16 counties. See more retail coverage on Khusoko.
Closing date and what comes next
The offer closes at 5pm on Friday 30 October. Results and allocation notices are due on 6 November. Trading is expected to start on the NSE on 12 November, subject to the offer conditions. Subscription levels in the retail, institutional and foreign pools will be known only after the offer closes.
