Kenyan retailer Quickmart's KSh15bn IPO is 122.7% subscribed; NSE listing set for 12 November

Quickmart PLC's initial public offering drew applications worth KSh18.4 billion against the KSh15 billion on offer, a subscription of 122.7 per cent, Business Daily and the tech news site TechTrends Kenya reported on 6 November 2026. The supermarket chain's shares are scheduled to begin trading on the Nairobi Securities Exchange (NSE) on 12 November.

The offer was 2 billion existing shares at KSh7.50 each. There were 18,492 applications, covering 2,454,598,686 shares, so demand exceeded the offer by 454,598,686 shares, or KSh3.4 billion at the offer price.

Quickmart said the offer "attracted strong demand from a broad base of domestic, regional and international investors", as quoted by Business Daily.

Foreign investors applied for KSh3.57 billion against an allocation of KSh1.2 billion, almost three times as much. Retail investors from Kenya and neighbouring East African countries applied for KSh2.38 billion, 32.6 per cent more than their allocation.

Cornerstone investors were the only group that fell short. They applied for KSh7.194 billion against an allocation of KSh7.2 billion, a gap of KSh6 million.

All the shares on sale belong to Sokoni Retail Kenya Ltd, the selling shareholder, so the proceeds go to it and not to Quickmart, TechTrends Kenya reported. The private equity firm Adenia Partners holds a 50.79 per cent stake in Sokoni. The price of KSh7.50 values Quickmart at about KSh30 billion, and the 2 billion shares are 50 per cent of the company's issued share capital.

Quickmart is Kenya's second-largest retail chain after Naivas by store count and turnover, with an estimated 15 per cent market share and 72 stores in 16 counties.

The offer was to run until 30 October. The business news site Bizna Kenya reported the timetable on 5 October: results on 6 November, then on 11 November allotment of shares, crediting of investors' CDS (central depository) accounts and refunds, and trading from 12 November. It said 60 per cent of the shares Sokoni keeps after the offer would be locked up for 24 months from the listing date.

Quickmart's dividend policy targets an annual payout of at least 80 per cent of profit after tax, paid twice a year. The first dividend, for the second half of 2026, is expected in the first half of 2027, subject to performance, capital needs and board approval.