NAIROBI, Kenya- Quickmart has opened its public share offer, with investors able to buy shares in the supermarket chain at Sh7.50 each.
The offer involves the sale of 2 billion existing shares, representing 50 per cent of Quickmart’s issued share capital.
At the offer price, the shares on sale are worth Sh15 billion, while the company’s implied market value is Sh30 billion.
The offer opened on Monday and is scheduled to close on October 30.
Quickmart said it has received regulatory approvals from the Capital Markets Authority and the Nairobi Securities Exchange for the offer and the subsequent listing of its shares on the NSE.
What investors are being offered
The shares are being sold by Sokoni Retail Kenya Limited, Quickmart’s sole shareholder, rather than issued as new shares by the supermarket chain.
This means the offer is a partial sale by the existing owner, and the proceeds will go to the selling shareholder.
Investors can apply for a minimum of 500 shares, costing Sh3,750 at the offer price.
The public announcement sets no maximum application amount, but applicants must have a valid Central Depository System account before shares can be credited to them.
The offer is not underwritten. It must attract applications for at least 75 per cent of the shares on offer to proceed.
If it does not meet that threshold, the transaction will not go ahead and application money will be refunded without interest.
The notice also says the International Finance Corporation has conditionally committed to purchasing up to US$15 million worth of shares, subject to approval by its board.
The IFC’s participation is as a commercial investor and is not an endorsement or guarantee of the offer.
Results and NSE listing
Quickmart expects to announce the offer results on November 6.
The shares are scheduled to be allotted on November 11, with trading on the Nairobi Securities Exchange expected to begin on November 12.
Retail investors must pay for their applications by the October 30 closing date.
The announcement lists electronic applications through the Quickmart IPO portal and mobile application, as well as a USSD option.
Physical application forms must be submitted to the placing agents before the offer closes.
A major retailer opens ownership to the public
Quickmart has grown into one of Kenya’s largest supermarket chains. It had 72 branches in 16 counties and recorded sales of Sh50.4 billion in 2024, up from Sh29.3 billion in 2021.
The listing will make Quickmart the second supermarket chain on the NSE, after Uchumi.
The offer gives investors an opportunity to buy into the retailer, while allowing its existing shareholders to sell part of their stake.
