The British government will become a shareholder in Kenyan supermarket chain Quickmart. It has committed about Sh1.94 billion (US$15 million) to the retailer's initial public offering.

The UK's Foreign, Commonwealth and Development Office (FCDO) will buy 260 million of the two billion shares on offer through MOBILIST, a government programme that invests in listed companies in emerging markets, Business Daily reported. That works out to about 6.5 per cent of Quickmart.

The investment has been announced as a subscription. Actual allocation will follow the IPO's terms and timetable.

The offer

The IPO opened on 5 October and closes on 30 October. Listing on the Nairobi Securities Exchange is scheduled for 12 November 2026.

Existing shareholder Sokoni Retail Kenya Limited is selling two billion shares, half of Quickmart's four billion issued shares, at Sh7.50 each. The offer is worth about Sh15 billion and values the retailer at about Sh30 billion.

World Bank arm also in

The International Finance Corporation (IFC), the World Bank's private investment arm, has made a conditional commitment to buy up to Sh1.94 billion worth of shares, subject to board approval.

A boost for the NSE

The anchor investors are a vote of confidence in an IPO that is among the biggest on the NSE in years.

Quickmart is one of Kenya's largest supermarket chains. It is listing at a time of renewed activity at the bourse, after the Kenya Pipeline Company IPO earlier this year and this week's Sh42 billion block trade in KPC shares.

Photos: Business Today; KBC