Quickmart PLC’s initial public offering (IPO) has been oversubscribed by Sh3.4 billion after attracting applications worth Sh18.41 billion against a target of Sh15 billion, signalling strong investor demand ahead of its planned listing on the Nairobi Securities Exchange (NSE) on November 12, 2026.
In an announcement issued on November 6, the supermarket chain said it received 18,492 applications covering 2.45 billion shares, against the two billion shares offered to investors. The applications represented an overall subscription rate of 122.7 percent, with demand exceeding the offer by approximately 454.6 million shares.
The offer was priced at Sh7.50 per share and involved the sale of existing shares held by Sokoni Retail Kenya Limited, the retailer’s majority shareholder. The transaction represents 50 percent of Quickmart’s issued share capital, meaning the proceeds will go to the selling shareholder rather than directly to the supermarket chain.
Foreign investors recorded the strongest demand relative to their allocation, submitting applications worth Sh3.58 billion against a reserved allocation of Sh1.2 billion. This represented subscription of approximately 298 percent, or nearly three times the shares initially set aside for the category.
Kenyan and East African retail investors applied for shares worth Sh2.39 billion, exceeding their allocated pool by 32.6 percent. Institutional investors from Kenya and the region also surpassed their allocation, submitting applications worth Sh5.25 billion against a Sh4.8 billion pool, equivalent to 109.4 percent subscription.
Cornerstone investors, meanwhile, applied for approximately Sh7.19 billion against an allocation of Sh7.2 billion, representing 99.9 percent subscription. The group included the International Finance Corporation, the United Kingdom’s MOBILIST programme, RWC Asset Management and 337 Frontier.
Following the oversubscription, Quickmart said Kenyan and East African retail investors, including eligible company staff, and institutional investors would receive full allocations of the shares they applied for. Founder shareholders who submitted applications were not allocated shares under the final allocation.
The IPO values Quickmart at approximately Sh30 billion and broadens public ownership of one of Kenya’s largest supermarket chains. The retailer operates 72 stores across 16 counties and competes with Naivas and Carrefour in the country's organised retail market.
Trading of Quickmart shares is scheduled to begin on the NSE on November 12, subject to completion of the listing process.
