Quickmart PLC has set the price of its initial public offering at KSh7.50 per share, implying an equity value of KSh30 billion.

The offer comprises two billion existing ordinary shares, equal to 50 per cent of the 4 billion issued shares, and will run from October 5 to October 30, 2026.

The shares are being sold by Sokoni Retail Kenya Limited, the existing shareholder, so Quickmart will receive no proceeds; at full subscription the sale would raise KSh15 billion for the seller.

The Capital Markets Authority and the Nairobi Securities Exchange have approved the offer and the admission of the full share capital to the Main Investment Market Segment.

The offer is an offer-for-sale with no overallotment option and is conditional on at least 75 per cent of the shares (1.5 billion) being subscribed; if the condition is not met all application money will be refunded.

Minimum applications are set at 500 shares according to Khusoko, while Capital Business reports a minimum of 550 shares; applications must be made in blocks of 100 shares thereafter and cannot be withdrawn without written consent.

Retail investors will receive 20 per cent of the offer, Kenyan institutions 35 per cent, East African Community investors 12 per cent, foreign investors 20 per cent and the International Finance Corporation 13 per cent.

The IFC has conditionally committed up to KSh1.94 billion (about USD 15 million) as a cornerstone investor, representing roughly 13 per cent of the offer and about 6.5 per cent of the post-listing shareholding.

Allocation notices are scheduled for November 6, qualified institutional investors must pay on November 10, and CDS accounts will be credited on November 11; trading is expected to begin on November 12.

Quickmart operates 72 stores across 16 counties, records about five million customer transactions each month and generated KSh50.4 billion in revenue and KSh1.51 billion profit after tax in FY 2025.

Management projects FY 2026 revenue of KSh58.2 billion, FY 2027 revenue of KSh67.4 billion and a dividend of KSh0.50 per share, a 6.7 per cent yield at the offer price.

The price of KSh7.50 equates to 12.9 times projected FY 2026 adjusted earnings and 5.7 times projected FY 2026 EV/EBITDA, below the peer average of 25.14 times earnings for listed African supermarkets.

Quickmart’s CEO Peter Kang’iri said the listing will broaden ownership, create a meaningful public free float and provide a long-term source of capital, while the company intends to fund future store openings from internally generated cash flow.

Sokoni Retail Kenya will retain the remaining 50 per cent of the share capital after the offer and will be subject to a 24-month lock-up on 60 per cent of its post-offer holding.

The IPO follows Quickmart’s growth from four stores in 2015 to 72 stores, more than 8,000 employees and FY 2025 adjusted profit of KSh1.7 billion, giving an implied price-to-earnings multiple of about 17.6 times.

The listing arrives as the NSE’s market capitalisation has recently crossed KSh4 trillion and digital platforms are expanding retail investor participation.