Quickmart Reveals Number of Shares Allocated to Investors Ahead of NSE Listing

Quickmart PLC has announced the final allocation of 2 billion shares to investors following the conclusion of its Initial Public Offer (IPO), which attracted applications worth Ksh18.4 billion ahead of its planned listing on the Nairobi Securities Exchange (NSE).

In a notice issued on Friday, November 6, the retailer disclosed that it had received 18,492 applications for 2,454,598,686 shares against the 2 billion ordinary shares offered for sale by its majority shareholder, Sokoni Retail Kenya Limited.

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The applications were valued at Ksh18,409,490,145, representing an overall subscription level of 122.7 per cent and excess demand of 454,598,686 shares. 

The offer was priced at Ksh7.50 per share, giving the transaction a total value of Ksh15 billion.

Quickmart disclosed that Kenyan and East African Community (EAC) retail investors, including the company's direct staff, received 100 per cent of the shares they applied for. 

Kenyan and EAC institutional investors also received full allocation.

Cornerstone investors received 90.1 per cent of their applications in aggregate, while foreign investors received an average allocation rate of approximately 49.5 per cent.

The allocation saw the International Finance Corporation (IFC) receive 258 million shares out of the 266,666,666 shares it applied for, while 337 Frontier received its full application of 259.7 million shares.

RWC Asset Management was allocated all the 173.15 million shares it applied for, while Mobiliti received 173,333,333 shares out of its application for 259.8 million shares.

Quickmart further disclosed that Mobiliti, despite participating as a cornerstone investor with a guaranteed allocation, agreed to reduce its allocation to create room for other investors.

The company explained that the move would allow increased allocations to Kenyan and EAC institutional investors as well as foreign investors.

"Furthermore, although Mobiliti participated as a Cornerstone Investor (with guaranteed allocation), it has agreed to a scale back of approximately USD 5 million (approximately 4.3% of the Offer Shares), to allow for increased allocation to Kenyan and EAC Institutional Investors and Foreign Investors," the notice read.

The retailer also revealed that founder shareholders who submitted applications would not receive any shares because the IPO was oversubscribed.

Following the allocation, Sokoni Retail Kenya Limited will retain 2 billion shares, representing 50 per cent of Quickmart's issued share capital.

The cornerstone investors will collectively hold 864,183,333 shares, equivalent to 21.6 per cent of the company.

Kenyan and EAC institutional investors will own 723,500,200 shares, representing 18.1 per cent, while foreign investors will hold 235,207,847 shares, equivalent to 5.9 per cent.

Kenyan and EAC retail investors will hold 177,108,620 shares, representing 4.4 per cent of the retailer.

Breaking down the applications, Quickmart disclosed that Kenyan and EAC retail investors submitted 18,178 applications for 318,307,820 shares valued at Ksh2,387,308,650. 

Their allocated pool was 240 million shares, representing 12 per cent of the offer, and recorded a subscription level of 132.6 per cent.

Kenyan and EAC institutional investors submitted 263 applications for 700,171,500 shares worth Ksh5,251,286,250 against a pool of 640 million shares. Their subscription level stood at 109.4 per cent.

Foreign investors submitted 44 applications for 476,802,700 shares valued at Ksh3,576,020,250 against a reserved pool of 160 million shares, recording the highest subscription level at 298 per cent.

The cornerstone investor category attracted seven applications for 959,316,666 shares worth Ksh7,194,874,995 against an allocation pool of 960 million shares, representing a subscription level of 99.9 per cent.

The company also provided details of applications made through Safaricom PLC's Zidi Traders platform, which accounted for 12,426 applications for 22,738,700 shares valued at Ksh170,540,250. The figures included direct staff applications.

Additionally, direct staff of the company, including the Group Chief Executive Officer, submitted applications for an aggregate of 68,449,698 shares valued at Ksh520,623,743.

Five applications for 118,666,500 shares worth Ksh889,998,750 were also submitted by founder shareholders.

Quickmart announced that successful applicants would be notified by Image Registrars Limited, which served as the Data Processing Agent and Share Registrar, of the number of shares allocated to them.

The company cautioned that all allocations remained subject to the payment and settlement arrangements outlined in the offer documents. It reserved the right to reallocate shares where successful applicants failed to make the required payments.

Qualified institutional investors were required to pay for their allocated shares by November 10, 2026.

According to the revised timetable approved by the CMA, the transfer of shares to successful applicants' Central Depository System (CDS) accounts and the commencement of refund processing, where applicable, would take place on November 11.

Trading of Quickmart shares on the NSE was scheduled to commence on November 12, 2026.