Quickmart Plc reduced the maximum share allocation for Kenyan investors to 44 per cent of the two billion shares offered in its KSh15 billion IPO, after cornerstone investors from the United States and United Kingdom committed roughly KSh7.1 billion.

The amendment, disclosed in a supplementary information memorandum dated October 23, lowers the local share pool from the original 67 per cent and raises the cornerstone allocation to KSh7.2 billion, representing 48 per cent of the offer.

Four cornerstone investors – 337 Frontier Capital LP (KSh1.94 billion), RWC Asset Management LLP (KSh1.3 billion), the United Kingdom’s Foreign, Commonwealth and Development Office acting through its MOBILIST programme (KSh1.94 billion) and the International Finance Corporation (KSh1.94 billion, conditional on board approval) – together account for about 47.5-48 per cent of the IPO.

The foreign-investor tranche was cut to eight per cent of the issue, down from 20 per cent, while Kenyan and East African retail investors are now capped at 12 per cent and regional institutional investors at 32 per cent.

Quickmart said the indicative allocations are not binding and may be adjusted in consultation with the lead transaction advisors and the selling shareholder, subject to regulatory requirements.

The IPO involves the sale of two billion existing ordinary shares at KSh7.50 each, representing 50 per cent of Quickmart’s issued share capital; proceeds will go to the selling shareholder Sokoni Retail Kenya Limited (SRKL) rather than to the retailer.

SRKL’s ownership prior to the sale includes Adenia (50.79 per cent), the Kinuthia family (31.83 per cent), the Tumaini founders (12.02 per cent) and CEO Peter Kang’iri (5.36 per cent), all of whom will cede half of their holdings.

Adenia will receive KSh7.62 billion from the sale of 1.06 billion shares, the Kinuthia family is set to collect KSh4.77 billion, the Tumaini founders will bank KSh1.8 billion and Kang’iri will earn KSh803.3 million from his 214.2 million-share stake.

Quickmart reported a 33 per cent rise in net profit to KSh1.51 billion and a 9.3 per cent increase in sales to KSh50.43 billion for the year ended December 2025, and paid a dividend of KSh1.65 billion (payout ratio 109 per cent).

The retailer aims to more than double revenue, add at least 50 new stores and reach annual revenue of $1 billion (KSh130 billion) over the next four years, targeting a store network of 125.

CEO Peter Kang’iri said the cornerstone commitments would broaden ownership and support the retailer’s long-term growth, adding that the IPO offers Kenyan and regional investors the chance to become shareholders alongside international institutions.

The offer opened on October 5, closes at 5 pm on October 30, with allocations to be announced on November 6 and trading to begin on November 12 on the Nairobi Securities Exchange.

Quickmart clarified that the transaction is a secondary share sale, meaning the proceeds will be distributed to SRKL and not used by the retailer to fund its expansion, which will rely on internally generated cash flows.