Quickmart IPO oversubscribed by 22.7% as investors apply for 2.45 billion shares

Prince Eshun

Nov 09, 2026 at 06:34 AM Updated: Nov 09, 2026 at 06:34 AM

Quickmart's IPO was oversubscribed by 22.7%, with investors applying for 2.45 billion shares against a 2 billion‑share offer.

Kenya's second‑largest supermarket chain Quickmart announced on Friday that its initial public offering was oversubscribed by 22.7%. The company offered 2 billion shares at KES 7.50 ($0.058) each, raising KES 15 billion ($116 million) for the seller, Sokoni Retail Kenya, which retained a 50% stake.

Demand and allocation

Investors submitted applications for 2.45 billion shares worth KES 18.41 billion ($142 million), representing 18,492 applications. Kenyan and East African retail investors received the full allocation they were eligible for, while foreign investors, who applied for nearly three times their initial allocation, received roughly half of the shares requested. The International Finance Corporation (IFC) secured a 6.45% stake in October.

The proceeds of the IPO will go to Sokoni Retail Kenya, the majority shareholder, rather than directly funding Quickmart's expansion plans. The supermarket chain operates 72 stores and aims to increase its footprint to 125 outlets by 2030.

Quickmart's shares are scheduled to begin trading on the Nairobi Securities Exchange on 12 November, marking Kenya's second IPO of 2026 after the Kenya Pipeline Company earlier in the year.