The United Kingdom’s Foreign, Commonwealth and Development Office, through its MOBILIST programme, subscribed KSh1.94bn (US$15m) to QuickMart PLC’s initial public offering, representing roughly 13 per cent of the KSh15bn share offer.

The subscription, announced on October 21, 2026, involves the purchase of 260 million shares at the offer price of KSh7.50 per share; some reports describe the stake as 6.5 per cent of the company’s issued capital.

QuickMart’s IPO consists of two billion existing ordinary shares, equivalent to 50 per cent of its issued share capital, being sold by Sokoni Retail Kenya Limited at KSh7.50 per share.

The offer is scheduled to close at 5:00 p.m. East Africa Time on October 30, 2026, with trading on the Nairobi Securities Exchange expected to begin on November 12, 2026, subject to conditions.

QuickMart operates 72 stores across 16 counties and reported revenue of KSh50.4bn in the financial year ended December 2025.

Net profit for that year rose 33 per cent to KSh1.51bn and the company paid a dividend of KSh1.65bn, a payout ratio of 109 per cent, while targeting at least 80 per cent earnings distribution in coming years.

Group Chief Executive Officer Peter Kang’iri said the retailer welcomed MOBILIST as an investment partner and that the listing would help create long-term shareholder value.

The International Finance Corporation also pledged a conditional cornerstone investment of up to US$15m (approximately KSh1.94bn), subject to board approval, mirroring the UK government’s commitment.

MOBILIST’s Kenya market activity includes a US$9m cornerstone investment in the Africa Logistics Properties REIT earlier in 2026 and anchoring the Spearhead Africa Infrastructure Fund with an investment of about KSh1.2bn, the fund having raised KSh3.4bn.

Allocation of the IPO shares reserves 35 per cent for Kenyan institutional investors (equating to 17.5 per cent of issued shares), 20 per cent each for local retail and foreign investors, 12 per cent for East African Community investors and 13 per cent for the IFC, with limits adjustable based on subscription levels.

QuickMart is Kenya’s second-largest retail chain behind Naivas, holding an estimated 15 per cent market share.