The United Kingdom’s Foreign, Commonwealth and Development Office (FCDO), through its MOBILIST programme has subscribed US$ 15 million, approximately Ksh 1.94 billion to Initial Public Offering (IPO) of QuickMart PLC, ahead of the Kenyan retailer’s planned listing on the Nairobi Securities Exchange (NSE).
The investment, represents a Kenyan shilling equivalent, a subscription of 13% of the Ksh 15 billion offer, with share allotment to be completed in accordance with the offer terms.
The announcement comes after the International Finance Corporation (IFC), a private sector arm of the World Bank, disclosed a separate conditional cornerstone commitment to acquire up to US$ 15 million, approximately Ksh 1.94 billion in Offer Shares, subject to the approval of IFC’s board.
The MOBILIST programme, designed to support listings in emerging markets, ensures that companies like QuickMart can access global capital while adhering to international governance and sustainability standards.
Founded in 2006, QuickMart has grown into one of Kenya’s most recognizable supermarket chains, operating 72 stores across 16 counties and recording revenue of Ksh 50.4 billion in FY2025.
Peter Kang’iri, Group Chief Executive Officer of QuickMart, said: “We welcome MOBILIST as an investment partner as we broaden QuickMart’s ownership. We have built QuickMart around a straightforward proposition: to make fresh food and everyday essentials accessible, run our stores efficiently and reinvest the cash the business generates in disciplined growth.”
QuickMart’s IPO comprises 2 billion existing ordinary shares, representing 50% of its issued share capital, offered by Sokoni Retail Kenya Limited at Ksh.7.50 per share.
Despite the optimism, QuickMart faces several challenges, such as intense competition from rivals like Naivas and Carrefour remain dominant.
Economic pressures from inflation and fluctuating consumer spending, along the effective use of IPO funds, are remain critical to sustaining growth and delivering shareholder value.
QuickMart, valued at Ksh 30 billion, paid shareholders Ksh 1.65 billion in dividends in its most recent financial year and has committed to distributing at least 80% of annual earnings to shareholders going forward.
The Offer closes at 5:00 p.m. East Africa Time on 30 October 2026, with trading on the NSE expected to commence on 12 November 2026, subject to the Offer conditions and any formally announced changes to the timetable.
