Kenyan supermarket chain Quickmart plans to list half of its issued shares on the Nairobi Securities Exchange (NSE) by end of this month in what will widen ownership of one of the country’s top tier home-grown retailers.
The retailer plans to sell two billion existing ordinary shares, equivalent to 50 per cent of its issued share capital, through a proposed listing on the Main Investment Market Segment of the NSE.
The offer, which is subject to regulatory approvals, is expected to launch on or around September 30, 2026, giving investors an opportunity to acquire a stake in the 72-store supermarket chain.
“We have a tentative date of September 30 subject to approval by the regulator,” the retailer told the Star yesterday.
The transaction will be an offer for sale, meaning no new shares will be issued by Quickmart and the retailer will not receive proceeds from the sale.
Instead, its sole shareholder, Sokoni Retail Kenya Limited (SRKL), will sell part of its existing holding in the supermarket business.
Quickmart said the proposed listing would “broaden its ownership base and create a meaningful public free float” as it seeks to build on the expansion that has established it as one of Kenya's leading home-grown supermarket chains.
The shares will have a nominal value of Sh0.20 each, meaning the 2 billion shares represent Sh400 million in nominal share capital.
The nominal value, however, should not be confused with the eventual offer or market value of the shares, which will be determined under the terms to be set out in the Information Memorandum.
Nominal capital is the maximum limit of capital a company is legally authorised to issue, whereas share capital is the actual value of shares issued to or paid by shareholders.
The transaction is also expected to include an over-allotment option of up to 15 per cent of the offer shares, subject to the terms of the Information Memorandum.
If the over-allotment option is not exercised, SRKL will retain approximately 50 per cent of Quickmart's issued share capital after the offer.
If the option is exercised in full, SRKL's remaining stake would fall to approximately 42.5 per cent, giving out up to 57 per cent.
The planned listing marks a major shift in Quickmart's ownership structure, moving the retailer from private ownership to a publicly traded company.
Quickmart is currently wholly owned by SRKL, an investment vehicle through which funds managed by private equity investor Adenia Partners, the founders of Quickmart and Tumaini supermarkets, and the group's chief executive officer hold their respective interests.
Adenia Partners invested in both Quickmart and Tumaini before the two businesses were merged and rebranded as Quickmart in 2020.
Martha Osier, Partner at Adenia Partners, said the private equity firm's investment strategy had been to work with the founders and management to build a larger and more institutional retail business.
“Over the course of our investment, Quickmart has expanded significantly, strengthened its leadership and governance, and developed into one of Kenya’s most recognised home-grown retail platforms,” Osier said.
She said the proposed listing would mark the next stage of Quickmart's development by widening ownership and allowing Kenyan and other eligible investors to participate in its future growth.
“The existing shareholder group intends to retain a substantial interest in the company following the offer, reflecting our continued confidence in the company and its long-term prospects,” she said.
Unlike an initial public offering in which a company issues new shares to raise capital, Quickmart's planned transaction is entirely an offer for sale.
This means the supermarket will not receive fresh funds from the listing. Instead, the transaction will provide liquidity to existing shareholders while creating a wider public shareholder base for the retailer.
Quickmart said it expects to continue financing its organic growth and expansion primarily through internally generated cash flows.
The NSE listing will nevertheless give the retailer access to the public capital market and provide a platform for its shares to be traded by investors.
The proposed transaction comes as Kenya's modern retail sector undergoes continued expansion and consolidation, with major supermarket chains competing for customers through larger store networks, wider product ranges, convenience and increased geographic reach.
Quickmart has expanded its footprint to 72 outlets across Kenya, positioning the company for its transition from a privately held retailer to a publicly traded business.
If approved and successfully completed, the listing will also make Quickmart one of the latest major Kenyan retail businesses to access the NSE, giving investors exposure to the country's evolving consumer and modern retail sector.
