Quick Mart PLC has received an approval from the Capital Markets Authority to raise Ksh 15 billion through Initial Public Offering with listing slated for November this year.
The retailer has opened the share sale offering 2 billion of existing ordinary shares held by Sokoni Retail Kenya Limited to investors with an offer price of Ksh 7.50 per share.
Quickmart also received approval and listing and admission to trading of its entire issued share capital of 4,000,000,000 Ordinary shares on the Main Investment Market Segment of the NSE.
“The opening of the Offer marks an important milestone in Quick Mart’s journey. Over the past two decades, we have expanded our national footprint, strengthened our operating platform and continued to invest in our stores, our people and our technology, while remaining focused on what our customers value most: price, convenience and freshness,” said Peter Kang’iri, Quickmart Group Chief Executive Officer.
Investors have a minimum application of 500 shares, equivalent to Ksh 3,750, and in multiples of 100 shares thereafter for the offer which closes at the end of October.
Quickmart which is valued at Ksh 30 billion in market capitalization has already secured conditionally committed from the International Finance Corporation (IFC) to purchase up to Ksh 1.94 billion ($15m) in Offer Shares representing up to approximately 13% of the Offer and 6.5% of Quickmart’s outstanding share capital.
IFC which is participating solely as a commercial investor still awaits approval from its board of directors.
Quickmart which currently operates 72 stores across 16 countries targets to use the new cash to fund its expansion across the region.
Under its 2026–2030 growth strategy, the supermarket chain targets to open 10-15 new stores annually, focused on urban, peri-urban, regional and coastal markets, and more than 100 stores in Kenya over the medium term.
“Today, Kenyans have the opportunity to apply for shares in a business they already shop in. Our focus remains on serving our customers, opening stores where we see sustainable demand and maintaining the operating discipline that has supported our growth. We look forward to welcoming new shareholders as Quick Mart takes this next step,” added Kang’iri.
Following Listing, and subject to the considerations set out in the Information Memorandum, Quickmart board intends to target a dividend payout ratio of at least 80% of annual profit after tax, paid semi-annually, subject to the
Company’s financial performance, capital requirements, growth opportunities, board discretion and applicable legal and regulatory requirements.
