Quickmart secures Sh7.12 billion in institutional commitments for Kenya IPO

Quickmart PLC has secured commitments totaling Sh7.12 billion from four institutional investors for its initial public offering (IPO) in Kenya. This amount represents approximately 47.5 percent of the total Sh15 billion offer.

The institutional commitments include Sh5.18 billion from MOBILIST, RWC Asset Management LLP, and 337 Frontier Capital. Additionally, the International Finance Corporation (IFC) has provided a conditional commitment of up to Sh1.94 billion, pending board approval.

The IPO involves the sale of two billion existing shares, representing 50 percent of Quickmart’s issued share capital, at a price of Sh7.50 per share. The proceeds will be directed to the selling shareholder, Sokoni Retail Kenya Limited, with no new shares being issued. The revised allocation designates 48 percent of shares to cornerstone investors, 32 percent to regional institutional investors, 12 percent to Kenyan and East African retail investors, and 8 percent to foreign investors.

Quickmart currently operates 72 stores across 16 counties and reported revenue of Sh50.4 billion for the 2025 financial year. CEO Peter Kang’iri stated the IPO offers local and regional investors an opportunity to own shares alongside international institutions. The company intends to fund future growth through new stores, digital channels, and operational efficiency using internally generated cash.