Key Takeaways:
- Quickmart plans to sell 50% of its shares through a proposed NSE listing.
- The offer is expected to launch around Sept. 30, subject to regulatory approval.
- The supermarket will not receive proceeds from the share sale.
Kenya’s second-largest supermarket chain, Quickmart, plans to list on the Nairobi Securities Exchange as its owners seek to broaden the retailer’s ownership after years of expansion.
Quickmart said Wednesday that its sole shareholder, Sokoni Retail Kenya Limited, plans to sell 2 billion existing shares, representing 50% of the company, through the Main Investment Market Segment of the NSE.
The proposed offer is subject to regulatory approvals and is expected to launch around Sept. 30.
“The proposed Listing marks an important milestone in Quickmart’s journey,” Group CEO Peter Kang’iri said in the company’s statement.
The transaction will be an offer for sale rather than a new share issue, meaning Quickmart will not raise fresh capital or receive proceeds from the sale.
The company said it expects to continue funding its store expansion mainly from internally generated cash flows.
The proposed listing would give public investors an opportunity to acquire a stake in the retailer while allowing the existing shareholder to sell part of its investment.
Quickmart targets wider public ownership
Sokoni Retail Kenya currently owns the entire issued share capital of Quickmart. Following the sale, it is expected to retain about 50% of the company if an additional over-allotment option is not exercised.
An over-allotment option of up to 15% of the shares offered could reduce Sokoni Retail Kenya’s remaining stake to about 42.5% if exercised in full.
Quickmart said the offer would “broaden the Company’s ownership base” and create a public free float on the NSE.
The company has submitted its application and related documents to the Capital Markets Authority and the NSE. Further details on the offer price, timetable and terms are expected in an Information Memorandum.
Quickmart was founded in Nakuru in 2006 and expanded significantly after its merger with Tumaini Self Service in 2020. The retailer now operates 72 stores across 16 counties.
Retailer expands as revenue grows
Moreover, Quickmart generated KES 50.4 billion ($389 million) in revenue in 2025 and an adjusted profit after tax of KES 1.7 billion ($13.1 million), according to its statement.
Revenue grew at an annualised rate of 18.4% between 2021 and 2025 as the retailer expanded its store network and customer base.
The company said it plans to open between 10 and 15 new stores each year as part of its 2026-2030 growth strategy, with a focus on urban, peri-urban, regional and coastal markets.
The proposed listing comes as the NSE seeks to attract more companies to the local equity market after a period of limited new listings. The exchange has also been working with regulators and market participants to improve access to the Kenyan capital market.
Quickmart said the listing would allow Kenyans to own part of a retailer they already use while supporting its next phase of growth.
“We are proud of what our teams have built and excited about the opportunities that lie ahead,” Kang’iri said.
