Quickmart has reduced the allocation of shares reserved for Kenyan investors in its Sh15 billion initial public offering (IPO) after attracting approximately Sh7.1 billion in commitments from international cornerstone investors, underscoring growing foreign interest in Kenya’s retail sector. The supermarket chain’s revised share allocation gives global investment firms a larger stake ahead of its planned listing on the Nairobi Securities Exchange (NSE) in November 2026.
The retailer’s amended offer documents show that local retail and institutional investors will receive a maximum of 44% of the two billion shares on offer, down from the initial allocation of 67%. The adjustment follows commitments from four cornerstone investors whose combined investment is approximately Sh7.2 billion, representing 48% of the shares being sold.
The investors include the International Finance Corporation (IFC), the investment arm of the World Bank; the United Kingdom’s Foreign, Commonwealth and Development Office (FCDO), acting through its MOBILIST programme; US-based 337 Frontier Capital; and UK fund manager RWC Asset Management, which operates under the Redwheel name.
Each of the four investors has committed approximately Sh1.3 billion to Sh1.94 billion, depending on its allocation. The IFC and the UK government-backed programme have each committed about Sh1.94 billion, while 337 Frontier Capital has committed a similar amount. RWC Asset Management has committed approximately Sh1.3 billion.
The revised allocation reflects strong demand from institutional investors willing to commit funds ahead of the public offer. Cornerstone investors typically agree to purchase a specified number of shares, providing an indication of demand and helping strengthen confidence in a public offering.
However, the increased allocation has reduced the portion available to other buyers. The allocation for other foreign investors has also been cut from 20% to 8%, while the final distribution remains subject to demand, the offer documents and applicable regulatory requirements.
Quickmart is selling two billion existing shares at Sh7.50 each, representing 50% of its issued share capital and valuing the business at approximately Sh30 billion. The proceeds, estimated at Sh15 billion if the offer is fully subscribed, will go to existing shareholders rather than the company itself.
The selling shareholders include private equity firm Adenia Partners, the family of Quickmart’s late founder John Kinuthia, the founders of Tumaini Supermarket and chief executive Peter Kang’iri. The transaction provides the owners with an opportunity to sell part of their holdings after years of expansion and increased sales.
Quickmart reported revenue of Sh50.43 billion for the year ended December 2025, representing growth of 9.3%. Net profit rose by 33% to Sh1.51 billion over the same period. The retailer operates 72 stores across 16 counties, making it Kenya’s second-largest supermarket chain by store count and turnover after Naivas.
The company plans to expand its store network to 125 outlets over the next four years and more than double its annual revenue. Its stated growth ambitions, alongside its dividend policy, are among the factors attracting investors to the offer.
The IPO opened on October 5 and is scheduled to close on October 30, with the listing expected in November. The revised allocations place international institutions at the centre of the offering, while raising questions about the proportion of ownership that will ultimately remain available to Kenyan investors.
