Quick Mart Plc IPO – Offer for Sale by Listing in the NSE Main Market Segment.
Sokoni Retail Kenya Limited, the sole shareholder of Quick Mart Limited, is selling half of its holding to the public by way of an offer of 2 billion shares at a price of KES 7.50 per share.
The Company will not issue new shares or receive any proceeds. Net offer proceeds of KES 15.00 billion, less offer costs of 3.8% (KES 575.6 million), will accrue to the shareholder, Sokoni Retail Limited.
The offer supports a partial shareholder exit and broader ownership, enabling Adenia Partners and the founding families to cash in and realize part of their 2019 investment. QuickMart’s expansion will continue to be funded through internal cash generation with no changes in strategy, management, or outlook. Sokoni Retail Limited, the key shareholder, will retain approximately 50% ownership under a 24 month lock-up period, maintaining control and alignment with the expected new investors.
QuickMart ranks second with a 15.0% market share, behind Naivas at 31.0%, according to the Kenya Retail Market Update by Segaci Research as at the end of 2025. As of June 2026, the Issuer operated in 68 stores across 16 counties with a higher potential for expansion across the country.
Much of the Issuer’s business is concentrated in Nairobi and its metropolitan area, where 41 of its 68 branches are located. This region contributes 76.6% of the Issuer’s total revenue, with Nairobi alone accounting for 48.0% of total revenue.
The Supermarket’s intensity comes from major supermarket chains, regional operators, discount retailers, convenience stores, wholesalers, and online platforms, which is mainly concentrated in Nairobi and its suburbs. Regional urban centres remain relatively underserved.
We value the Issuer’s price at KES 8.32 per share, viewing the offer as fair as it offers a 10.9% discount, and therefore issue a BUY RECOMMENDATION. The Company’s earnings per share (EPS) for 2025 stood at KES 0.38, with that of 2026 projected at KES 0.53 per share.
QuickMart expects to maintain earnings before interest, taxes, depreciation, and amortisation (EBITDA) margin of 10% to 11%, or KES 6.30Bn to KES 7.8Bn, based on its current performance. Consequently, the Issuer projects distributing approximately KES 2.00Bn and KES 2.50Bn in FY2026 and FY2027, representing dividend payout ratios of 95.1% and 90%, and implied dividend yields of 6.7% and 8.3%, respectively, based on the offer price.
The company’s major risk remains its heavy reliance on supplier credit to finance its operations, resulting in a negative cash conversion cycle. While the Supermarket takes about 33 to 47 days to sell its inventory and generate free operating cash flows, it pays its suppliers between 77 and 101 days, which may create some structural vulnerabilities.
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Key Investment Proposals to the Offer – Cornerstone Investors
The International Finance Corporation (IFC) has conditionally committed KES 1.94Bn to the Offer, representing 13% of the issued shares on offer and a 6.45% post-listing stake, with its allocation adjusted in the event of oversubscription to maintain that holding.
Further, the UK Government, through MOBILIST, has subscribed for up to 13% (260 Mn shares) of KES 1.94Bn. Combined, the World Bank’s IFC commitment and the UK’s MOBILIST total KES 3.88Bn, accounting for 25.9% of the issued KES 15.00Bn IPO offer.
According to the prospectus, the issuer reserves only a 13.0% cornerstone slot for IFC, as MOBILIST’s 13.0% slot was announced after the information memorandum had been published.
We expect the two corporate investors, IFC and MOBILIST, to:
- Enhance investor confidence, reduce execution risk, and overall support a successful IPO.
- Validate and promote Corporate Governance and operational standards, which will propel value creation and institutional credibility.
- Offer disciplined growth support through technical expertise and public market experience, underpinning the expansion of Quick Mart’s store network from 68 stores as of June 2026 to 87 by end-2027 and 125 by 2030.
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How to Apply for the QuickMart IPO Shares
Local investors can apply via:
Applicants must hold a valid CDS account before applying for the shares. Investors without a CDS account can open one through: tinyurl.com/4ht7xcyv or visit the Pergamon website via pib.africa/
Multiple applications submitted under the same CDS account, including nominee accounts, will be treated as a single application.
Investors can apply through one of the following ways: USSD *483*803# or online quickmartipo.e-offer.app/
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Financial Performance
Quick Mart’s revenues doubled over the last five years, rising from KES 25.68Bn to KES 50.43Bn, mainly supported by growth in the number of branch outlets and a focus on key market areas, especially in Nairobi County and its surrounding regions.
Profits before tax (PBT) has kept expanding exponentially from KES 269.12Mn in 2021 to KES 646.00Mn in 2023 and to KES 1,166.77Mn by end of 2025.
HY2026 revenues jumped 14.8% year on year from 23.8Bn to KES 27.3Bn, still signalling disciplined financial growth and containment of ‘operating expenses.
The growth is largely self-funded, with only total shareholders’ funds of KES 1.93Bn and total liabilities of KES 17.54Bn supporting a total asset book of KES 19.47Bn as of June 2026.
