The United Kingdom Government, through the Foreign, Commonwealth and Development Office’s MOBILIST programme, subscribed KSh1.94 billion (US$15 million) to QuickMart PLC’s initial public offering.

The subscription represents about 13 per cent of the KSh15 billion share offer, although some reports describe the stake as 6.5 per cent of the company’s equity.

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

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.

The International Finance Corporation has made a conditional cornerstone commitment of up to KSh1.94 billion, subject to board approval.

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

He added that MOBILIST’s support would expand opportunities for suppliers, create jobs, impact the economy and bring affordable shopping to more communities.

QuickMart operates 72 stores across 16 counties, reported revenue of KSh50.4 billion for the year ended December 2025 and a net profit of KSh1.51 billion, a 33 per cent increase year-on-year.

The retailer paid a dividend of KSh1.65 billion, a payout ratio of 109 per cent, and aims to distribute at least 80 per cent of earnings in coming years.

MOBILIST’s investment builds on its 2024 partnership with the Nairobi Securities Exchange to broaden institutional participation, and follows earlier investments of US$9 million in the Africa Logistics Properties Industrial Real Estate Investment Trust and about KSh1.2 billion in the Spearhead Africa Infrastructure Fund.

Allocation of the IPO includes 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.

Current owners, including the Mauritius-registered private-equity fund Adenia Partners, the founders of QuickMart and Tumaini supermarkets and the CEO, are selling the two billion shares through Sokoni Retail Kenya Limited.

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