Kenyan supermarket chain Quickmart PLC has opened a KES 15 billion (US$116 million) initial public offering (IPO), with the International Finance Corporation (IFC) conditionally committing US$15 million to acquire shares in the offer.
Adenia Partners, an Africa-focused private equity firm, is among the investors behind the proposed listing, which will see 2 billion existing ordinary shares offered to the public at KES 7.50 each. The shares represent 50% of Quickmart’s issued share capital, implying an equity valuation of KES 30 billion (approximately US$231 million).
The offer opened on 5 October 2026 and is scheduled to close on 30 October, ahead of a proposed listing on the Nairobi Securities Exchange (NSE) on 12 November, subject to the applicable conditions and approvals.
IFC commits US$15m as cornerstone investor
The IFC, a member of the World Bank Group, has conditionally committed to purchase approximately KES 1.94 billion (US$15 million) of the offer shares as a cornerstone investor.
The commitment represents approximately 12.9% of the shares on offer and would give the IFC an estimated 6.45% stake in Quickmart following the listing. The commitment remains subject to conditions, including approval by the IFC board. The IFC has clarified that its participation should not be treated as a recommendation to invest in the IPO.
Adenia-backed retailer opens ownership to public investors
Quickmart is currently wholly owned by Sokoni Retail Kenya Limited, which is selling the shares under the IPO. Sokoni Retail Kenya is itself owned by Sokoni Retail Holdings Limited, the investment vehicles managed by Adenia Partners, members of the Kinuthia family who founded Quickmart, the founders of Tumaini Supermarkets and Quickmart’s Group Chief Executive Officer, Peter Kang’iri.
Sokoni Retail Holdings holds approximately 50.8% of Sokoni Retail Kenya, while Adenia’s investment vehicles own approximately 95.7% of Sokoni Retail Holdings. This gives the Adenia-managed funds an indirect economic interest of approximately 48.6% in Quickmart before the offer.
Following the sale of 50% of Quickmart’s issued shares, Sokoni Retail Kenya is expected to retain the remaining 50%, with public investors holding the other half. The existing shareholders will retain their interests in Sokoni Retail Kenya, while their indirect economic exposure to Quickmart will reduce proportionately.
The offer is structured entirely as a sale of existing shares. Quickmart will not issue new shares or receive the proceeds; the net proceeds will go to Sokoni Retail Kenya for distribution among its shareholders in proportion to their indirect interests.
Financial performance and valuation
Quickmart reported revenue of KES 50.4 billion and adjusted profit after tax of KES 1.7 billion for the financial year ended 2025. Its revenue grew at a compound annual growth rate of 18.4% between 2021 and 2025.
At the offer price of KES 7.50 per share, the IPO implies an equity valuation of KES 30 billion, equivalent to approximately 0.6 times FY2025 revenue and 17.6 times adjusted profit after tax.
Founded in Nakuru in 2006, Quickmart has grown into one of Kenya’s largest modern grocery retailers. The company operates more than 70 stores across 16 counties, records approximately five million customer transactions monthly and has around 2.5 million loyalty programme members.
Transaction advisers
The prospectus identifies the following advisers to Quickmart and the selling shareholder in respect of the offer:
Lead transaction adviser: SBG Securities Limited and Stanbic Bank Kenya
Sponsoring broker and lead placing agent: SBG Securities Limited
Legal adviser: Bowmans (Coulson Harney LLP)
Reporting accountant: Ernst & Young LLP
Receiving bank: Stanbic Bank Kenya Limited
The proposed listing will broaden Quickmart’s shareholder base and provide public market investors with an opportunity to acquire an interest in one of Kenya’s leading supermarket businesses.
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