NAIROBI, Kenya- Quickmart has revised the allocation of its Sh15 billion share offer, reserving 48 per cent of the shares for cornerstone investors after accepting applications from three additional institutional investors.
A supplementary information memorandum approved by the Capital Markets Authority on October 23 names the UK Government’s MOBILIST programme, RWC Asset Management LLP and 337 Frontier Capital LP as cornerstone investors, alongside the International Finance Corporation (IFC).
The revised allocation sets aside 960 million shares, worth Sh7.2 billion at the offer price of Sh7.50, for cornerstone investors.
Kenyan and East African retail investors have been allocated 12 per cent, local institutional investors 32 per cent and foreign investors 8 per cent.
The shift reduces the allocation for foreign investors from 20 per cent, Business Daily reported.
The offer comprises two billion existing shares, representing half of Quickmart’s issued share capital.
Offer closes October 30
The shares are being sold by Sokoni Retail Kenya Limited, Quickmart’s sole shareholder.
Quickmart will not receive proceeds from the sale because the offer involves existing shares rather than newly issued stock.
The public offer opened on October 5 and is scheduled to close at 5pm on October 30.
Trading on the Nairobi Securities Exchange is expected to begin on November 12, subject to the offer conditions and any changes to the timetable.
A cornerstone investor is an institutional investor that commits to buy shares in an offer, usually before it opens to the public.
The commitments are subject to the terms set out in the offer documents.
Quickmart’s supplementary notice says applications from the three additional investors were accepted in consultation with the company, the selling shareholder and transaction advisers.
It also says the investors will participate under the terms outlined in the memorandum.
The company’s IPO is one of Kenya’s major share offers this year, giving investors the opportunity to buy into the supermarket chain as its existing owners sell part of their holdings.
