Quickmart PLC has announced an initial public offering priced at KSh 7.50 per share, placing the supermarket chain's total market value at KSh 30 billion as it prepares to list on the Nairobi Securities Exchange. The offer involves 2 billion existing ordinary shares representing exactly half of the company's issued share capital. If fully subscribed, the transaction will raise KSh 15 billion, though Quickmart itself will receive none of the proceeds since all shares are being sold by the existing shareholder, Sokoni Retail Kenya Limited.
The offer, which opened on October 5, 2026, allows retail investors to participate from as little as KSh 3,750. The minimum application size is 500 shares. Kenyan retail investors have been allocated 20% of the offer, while Kenyan institutional investors account for 35%. East African Community investors have been assigned 12%, foreign investors 20%, and the International Finance Corporation (IFC) 13%.
The IFC has conditionally committed to purchase up to USD 15.0 million, approximately KSh 1.94 billion, in offer shares. This would give the IFC a stake of roughly 6.5% in Quickmart following the listing, equivalent to about 13% of the total offer. The IFC's participation remains subject to approval by its board of directors.
Quickmart has projected a dividend of KSh 0.50 per share for FY2026, which translates to a dividend yield of 6.7% at the offer price. The company expects its store network to expand to 73 outlets by the close of 2026. On the financial outlook, Quickmart projects FY2026 revenue of KSh 58.2 billion, rising to KSh 67.4 billion in FY2027.
The offer is conditional on valid applications covering at least 75% of the shares on offer, equivalent to 1.5 billion shares, being received by the closing date. If that threshold is not met, the offer will be called off and all application funds returned without interest. The offer is not underwritten. The selling shareholder is subject to a 24-month lock-up on 60% of its post-offer shareholding from the listing date.
Investors can apply electronically at quickmartipo.e-offer.app or via USSD code *483*803# for applications up to KSh 250,000 or submit physical application forms through designated placing agents. The subscription window runs until October 30, 2026, with trading on the NSE's Main Investment Market Segment expected to commence on November 12. Results are scheduled for announcement on November 6, and allotment to investor CDS accounts is set for November 11.
The offer price implies a valuation of 12.9 times the company's projected FY2026 adjusted earnings and 5.7 times its projected EV/adjusted EBITDA. In comparison, Airtel Mobile Commerce N.V. has set the offer price for its London Stock Exchange IPO at £1.96 (about KSh 328) per share, valuing the mobile money business at £5.3 billion (approximately KSh 900 billion/USD 7 billion).
Key points
- Quickmart's IPO is priced at KSh 7.50 per share.
- The IFC has conditionally committed to invest KSh 1.94 billion in Quickmart.
- Quickmart aims to raise KSh 15 billion through the IPO.
