Five founding shareholders of Quickmart applied for an additional 118.6 million shares worth KSh889.9 million in the supermarket chain’s initial public offering, but the company said no shares were allocated to them because the offer was oversubscribed.

The IPO attracted applications for about 2.45 billion shares against the 2 billion shares offered at KSh7.50 each, resulting in an oversubscription of roughly 22.5 per cent.

Quickmart’s founders – Duncan Kinuthia, Gladys Kinuthia, Elijah Okello, Moses Nditika, Joram Njoga, Zipporah Kinuthia and William Kinuthia – held their interests through Sokoni Retail Kenya Limited together with private-equity investor Adenia Partners, which owned 48.6 per cent before the offer, and chief executive Peter Kang’iri, who owned 5.4 per cent.

Adenia Partners sold half of its stake in the IPO, retaining an effective 25.4 per cent holding after the transaction, while the original shareholders together kept two billion shares representing 50 per cent of Quickmart.

Foreign investors now control 52.9 per cent of the retailer, up from 50.8 per cent before the IPO, after cornerstone investors took a combined 21.6 per cent stake and other overseas buyers secured an additional 5.9 per cent.

The International Finance Corporation received 258 million shares, giving it a 6.45 per cent interest, while Mobilist was allocated 173.33 million shares (4.33 per cent) after reducing its original target.

Investment firm 337 Frontier obtained 259.7 million shares (6.5 per cent) and RWC Asset Management received 173.1 million shares (4.32 per cent) in the final allocation.

Kenyan and East African employees applied for 69.4 million shares valued at KSh520.6 million and were granted the full amount they requested, adding to the retailer’s internal ownership.

Quickmart reported revenue of KSh50.43 billion and statutory net profit of KSh1.51 billion for the year ended December 2025, with adjusted profit after tax of KSh1.7 billion and a compound annual growth rate of 18.4 per cent in revenue since 2021.

The IPO valued the company at roughly KSh30 billion, equivalent to about 19.9 times its reported statutory net profit, and the retailer intends to distribute 80 per cent of its net earnings as dividends, amounting to approximately KSh1.2 billion based on 2025 earnings.

At the time of the offering Quickmart operated 72 stores across 16 counties and plans to open between 10 and 15 new outlets each year to exceed 100 stores.

The chain has expanded its digital distribution through a partnership with Bolt Food, making more than 12,000 products available on the platform across over 60 stores.

Founder-linked entities received payments totalling KSh638.1 million for consultancy, property and management services in 2025; several of those service agreements were terminated in July 2026, although the retailer continues to lease some premises from related parties.

Quickmart’s shares are scheduled to begin trading on the Nairobi Securities Exchange on November 12.