Retail investors have until Friday, October 30, to apply for shares in Quickmart, the supermarket chain whose initial public offering (IPO) opened on the Nairobi Securities Exchange (NSE) on October 5.

The offer is one of the biggest tests of investor appetite at the bourse in years and has drawn attention because applications can be made through mobile channels, opening the door to first-time small investors.

The offer at a glance

  • Price: Ksh7.50 per share, fixed.
  • Size: 2 billion existing shares, half of Quickmart's 4 billion issued shares, worth Ksh15 billion if fully taken up.
  • Valuation: about Ksh30 billion for the whole company.
  • Minimum application: 500 shares (Ksh3,750), then in multiples of 100, with no maximum.
  • Retail pool: 400 million shares, or 20 per cent of the offer, set aside for retail investors.

Who gets the money

The shares are being sold by Sokoni Retail Kenya, which currently owns all of Quickmart. Because no new shares are being issued, the company itself will not receive any of the proceeds. Sokoni's largest shareholder is a holding company controlled by funds managed by private equity firm Adenia Partners, alongside Quickmart's founders, the founders of Tumaini supermarkets, which merged with Quickmart in 2020, and chief executive Peter Kang'iri.

After the sale, Sokoni will retain half of the company and has agreed not to sell 60 per cent of its remaining stake for two years after listing, subject to some exceptions. The International Finance Corporation has conditionally committed up to US$15 million, about 13 per cent of the offer, pending approval by its board.

Conditions and risks

The offer is not underwritten. It will only go ahead if applications cover at least 75 per cent of the shares on offer; otherwise, application money will be refunded without interest. Applications cannot be withdrawn once submitted. Lead adviser Stanbic Bank has cautioned that its valuation is based on management projections that it did not independently verify.

The offer document forecasts a 2026 profit of Ksh2.1 billion, up from Ksh1.51 billion in 2025, and a dividend of Ksh2 billion for this year. Investors should note that part of that payout has already been advanced to the selling shareholder, meaning new shareholders may receive less for 2026 than the headline figure suggests.

How to apply

Applicants need a Central Depository and Settlement (CDS) account, which can be opened through a stockbroker. Bids can be placed through the online offer portal, by USSD for amounts up to Ksh250,000, through the Ziidi Trader service on Safaricom's M-PESA app, or using paper forms submitted to placing agents. Retail payments must be made by 5pm on October 30.

Key dates

Results and allocations are scheduled for November 6, with shares credited and refunds starting on November 11. Trading is expected to begin on November 12, although the company says the timetable may change with the approval of the Capital Markets Authority.

Photo: Trevor Bake / Wikimedia Commons, CC BY-SA 4.0