Quickmart Launches Ksh15 Billion IPO Ahead of NSE Debut [Details]

Quick Mart has launched a Ksh15 billion Initial Public Offering (IPO), paving the way for the supermarket chain’s planned listing on the Main Investment Market Segment (MIMS) of the Nairobi Securities Exchange (NSE).

In a notice on Monday, October 5, the company said the offer follows regulatory approvals from the Capital Markets Authority (CMA) and the NSE, with the company set to offer 2 billion existing ordinary shares to investors at Ksh7.50 per share.

"Quick Mart PLC is pleased to announce that it has received the requisite regulatory approvals for its Initial Public Offering (IPO) and subsequent listing of its Ordinary Shares on the Main Investment Market Segment (MIMS) of the Nairobi Securities Exchange (NSE)," the notice read.

The IPO will involve the sale of existing shares by Sokoni Retail Kenya Limited, which is the selling shareholder. 

According to the notice, the offer represents 50% of Quick Mart's issued share capital, which stands at 4 billion ordinary shares.

"The IPO is by way of an Offer for Sale of 2,000,000,000 existing Ordinary Shares (the 'Offer Shares'), each having a nominal value of KES 0.20 and an Offer Price of Ksh7.50 by Sokoni Retail Kenya Limited (the 'Selling Shareholder')," the statement added.

Quick Mary said the CMA has approved the offer and the Information Memorandum, while the NSE has approved the listing and admission to trading of Quick Mart's 4 billion issued ordinary shares on the MIMS.

Investors have been cautioned that the regulatory approvals should not be interpreted as an endorsement of the company or the shares being offered.

"The CMA and NSE approvals are not a recommendation or endorsement of the Company or the Offer Shares, and the approval of the Offer or Listing is not to be taken as an indication of the merits of the issuer or of the Offer Shares," the notice further read.

Under the IPO terms, investors will be offered 2 billion ordinary shares at Ksh7.50 each, giving the offer a total value of Ksh15 billion. 

At the offer price, Quick Mart will have an implied market capitalisation of Ksh30 billion.

The minimum application has been set at 500 offer shares, with additional applications required to be made in multiples of 100 shares. 

There is no maximum application limit, while the offer does not include an over-allotment option.

The offer period will run from 9:00 a.m. on Monday, October 5 to 5:00 p.m. on Friday, October 30.

The IPO has also attracted a cornerstone commitment from the International Finance Corporation (IFC), which has conditionally committed to purchase up to USD15 million, equivalent to approximately Ksh1.94 billion, in offer shares.

The commitment represents up to approximately 13% of the offer and 6.5% of Quick Mart's outstanding share capital, although the participation remains subject to approval by the IFC board of directors.

At the same time, the company has clarified that the IFC investment should not be interpreted as an endorsement or guarantee of the IPO.

"IFC's participation does not constitute or imply a recommendation or endorsement by IFC or any member of the World Bank Group of the Offer, Quick Mart PLC, the Offer Shares or any investment in Quick Mart PLC. IFC is participating solely as a commercial investor; its participation does not imply any sovereign, governmental, or institutional backing, guarantee, or credit support.

"IFC has not verified and accepts no responsibility for the accuracy or completeness of the information contained in this announcement or the Information Memorandum," the notice expla5.

The IPO is conditional on investors taking up at least 75% of the shares on offer, equivalent to 1.5 billion shares, by the October 30 closing date.

If the minimum subscription condition is not met, the offer will not proceed and all application monies will be refunded without interest. The offer is also not underwritten.

Investors seeking to participate must have a valid Central Depository and Settlement Corporation (CDS) account before the shares can be credited. 

Applications will be irrevocable and cannot be withdrawn or amended without the prior written consent of Quick Mart.

The selling shareholder will also be subject to a 24-month lock-up period starting from the listing date in respect of 60% of its post-offer shareholding.

Investors can apply electronically through the designated IPO portal by completing the application and uploading the required documents. 

Applications can also be made through the USSD code 483803#, although this option is limited to investors applying for shares worth up to Ksh250,000.

Physical application forms are also available through the IPO portal and completed forms are required to be submitted to the placing agents by 5:00 p.m. EAT on October 30, 2026.

According to the transaction timetable, the offer will open on October 5 and close on October 30, which will also be the final payment date for retail investors.

The offer results and allocation notifications are expected on November 6, followed by the payment date for qualified institutional investors on November 10. 

The allotment date is set for November 11, when CDS accounts will be credited with the offer shares and refunds processed where applicable.

Quick Mart's shares are scheduled to begin trading on the NSE on November 12, 2026.

"The dates above are subject to change without notice. Any amendments will be published in the press and on the Issuer's website. 

"The Offer Period may be extended or shortened subject to approval by the CMA and any such amendment will be announced by way of advertisement in two national newspapers and on the Issuer's website," the notice read.

SBG Securities, a member of Standard Bank Group, is serving as the lead transaction advisor, sponsoring broker and lead placing agent. 

Stanbic Bank, also a member of Standard Bank Group, is the receiving bank.

BOWMANS is the legal advisor, while EY is the reporting accountant. 

Dyer & Blair Investment Bank is the co-placing agent, with Image Registrars serving as the data processing agent and share registrar.

Creide is the public relations agency, while Adili Group is the corporate governance advisor.