The International Finance Corporation (IFC), the private investment arm of the World Bank, is investing $15 million in Quickmart through the retailer's initial public offering (IPO). The IFC will acquire 258.67 million shares, representing about 13 percent of the offer shares and an ultimate stake of 6.5 percent in the company. This investment marks the IFC's return to the Kenyan retail sector four years after selling its stake in Naivas Limited.
Quickmart's IPO, valued at Sh30 billion, will see current owners, including Mauritius-registered private equity fund Adenia Partners, founders of Quickmart and Tumaini supermarkets, and the retailer's CEO Peter Kang'iri, offloading two billion shares, equivalent to a 50 percent stake. The shares are held through an investment vehicle known as Sokoni Retail Kenya Limited (SRKL). Adenia Partners has committed to staying on board and supporting Quickmart's management through its next phase.
The IFC's investment in Quickmart is part of its strategy to back large capital market issuances through minority equity stakes. The corporation is also investing $90 million in the ongoing Airtel Money IPO on the London Stock Exchange (LSE). In Quickmart's case, the IFC's participation as a cornerstone investor signals confidence in the offer to other buyers. However, the IFC noted that its participation is not an endorsement or recommendation to other investors to participate in the IPO.
Quickmart, now the second-largest retail chain in Kenya behind Naivas, has an estimated 15 percent share of the market. The company has 72 stores in 16 counties and reported a 33 percent growth in net profit to Sh1.51 billion in the year ended December 2025. Sales rose by 9.3 percent to Sh50.43 billion in the same period. The retailer aims to distribute at least 80 percent of its earnings to shareholders in the coming years.
The IFC has a history of investing in Kenyan retailers, having participated in a consortium that bought and sold a 31.5 percent stake in Naivas between 2020 and 2022. The corporation invested $15 million in Naivas, which was later sold for $119.68 million, more than doubling its original investment. The IFC is hoping for a similar return from Quickmart upon its exit.
Quickmart's founding family, led by the late businessman John Kinuthia, was left with a minority stake when it sold a 51 percent stake in the business to Adenia in 2019. Adenia holds a 50.79 percent stake in SRKL, the Kinuthia family 31.83 percent, the Tumaini founders 12.02 percent, and Mr. Kang'iri 5.36 percent. After the IPO, Adenia's stake will drop to 25.4 percent, with the stakes of the Quickmart and Tumaini founders falling to 15.9 percent and 6.01 percent, respectively.
The IPO has allocated 35 percent of the offer shares for Kenyan institutional investors, equivalent to an ultimate holding of 17.5 percent of the company's issued shares. Local retail and foreign investors have been allocated 20 percent each, East African Community investors 12 percent, and the IFC 13 percent. These limits can be adjusted depending on subscription levels per investor category.
Key points
- The IFC is investing $15 million in Quickmart through the retailer's IPO.
- Quickmart's IPO is valued at Sh30 billion and will see current owners offloading a 50 percent stake.
- The IFC's investment in Quickmart marks its return to the Kenyan retail sector four years after selling its stake in Naivas Limited.
