The International Finance Corporation has agreed to buy up to $15 million (about Sh1.94 billion) of shares in Quick Mart Plc’s initial public offer, giving the supermarket chain a cornerstone investor as Kenya’s biggest listing in years runs through October.
The commitment covers about 258.67 million shares, roughly 13 per cent of the two billion on offer, and works out to about a 6.5 per cent stake in the company. Business Daily reported that it marks the World Bank lender’s return to formal retail in Kenya after it sold its stake in rival Naivas.
The offer in numbers
Quickmart is selling two billion existing shares, half of its issued capital, at Sh7.50 each. The shares come from Sokoni Retail Kenya Limited, so the Sh15 billion raised goes to the selling shareholder rather than into the company. The price values Quickmart at Sh30 billion.
The offer opened on October 5 and closes at 5pm on October 30. It needs at least 75 per cent take-up to go ahead. Retail investors can apply from 500 shares, or Sh3,750, with no upper limit, according to the offer announcement. Results are due on November 6, shares land in CDS accounts on November 11, and trading on the NSE’s Main Investment Market is expected to start on November 12.
The Capital Markets Authority and the NSE have both approved the deal.
What investors are buying
Quickmart, ranked as the country’s second-largest supermarket chain by revenue, reported Sh50.4 billion in sales in 2025 from 66 branches. Supplier payables stood at Sh10.9 billion, a figure that will draw attention given the collapse of Nakumatt and Tuskys, both of which failed after running up large debts to suppliers.
That history is why IFC’s participation carries weight beyond the money. A development lender with its own governance checks putting cash in at the IPO price signals that it is comfortable with the chain’s books and controls.
Business Daily has also reported that founders will be free to sell up to 800 million shares after the listing, a detail that could weigh on the share price if those sales come soon after trading opens.
Why it matters
The NSE has gone years without a sizeable new equity listing. A well-subscribed Quickmart offer would give the CMA and the exchange a reference deal to show other family-owned and private equity-backed firms that the market can absorb a Sh15 billion float.
The offer also tests retail appetite. With a minimum of Sh3,750, it is within reach of savers who usually park money in Treasury bills or money market funds, which currently yield close to 8.8 per cent on the shortest government paper.
For shoppers and suppliers, a listed Quickmart will have to publish half-yearly results, opening up a sector that has long been opaque about margins, rents and payment terms.
Sources: Business Daily | Daily Nation | Quickmart offer announcement
