UK government invests Sh1.94 billion in QuickMart IPO ahead of NSE listing

The United Kingdom government has subscribed to approximately Sh1.94 billion in shares in QuickMart PLC’s initial public offering (IPO), strengthening the Kenyan retailer’s planned listing on the Nairobi Securities Exchange (NSE).

The investment, made through the UK Foreign, Commonwealth and Development Office (FCDO) under its MOBILIST programme, represents about 13 per cent of QuickMart’s Sh15 billion share offer.

In a statement issued on Wednesday, October 21, 2026, QuickMart said the investment builds on the UK-Kenya partnership to expand public-market participation and attract more domestic and international institutional investors to Kenya’s capital markets.

The subscription follows a previously announced conditional cornerstone commitment by the International Finance Corporation (IFC), the World Bank’s private-sector investment arm, to purchase up to US$15 million, approximately Sh1.94 billion, in offer shares, subject to approval by its board.

The retailer said the participation of institutional investors would help broaden ownership and support its proposed listing on the Nairobi Securities Exchange.

QuickMart Group Chief Executive Officer Peter Kang’iri said the investment would support the company’s expansion ambitions while creating opportunities for shareholders, suppliers and communities.

“We welcome MOBILIST as an investment partner as we broaden QuickMart’s ownership,” Kang’iri said.

He added that the retailer built its business around making fresh food and everyday essentials accessible, operating its stores efficiently, and reinvesting cash generated by the business.

“With MOBILIST’s support, our proposed listing will help to realise QuickMart’s ambition to create long-term shareholder value while expanding opportunities for our suppliers, creating jobs, impacting the economy, and bringing convenient, affordable shopping to more communities,” he said.

MOBILIST is the UK government’s flagship public-markets programme, investing capital, providing technical assistance, conducting research, and building partnerships to support investment in public markets.

Its partnership with the NSE dates back to 2024 and aims to expand investment opportunities that support development and increase participation in Kenya’s capital markets, including by pension funds.

Earlier in 2026, MOBILIST invested US$9 million as a cornerstone investor in the listing of the Africa Logistics Properties Industrial Real Estate Investment Trust (ALP REIT).

The programme also anchored the Spearhead Africa Infrastructure Fund, Kenya’s first listed infrastructure fund, with approximately Sh1.2 billion. The fund raised Sh3.4 billion to provide long-term, local-currency financing for infrastructure projects.

QuickMart operates 72 stores across 16 counties and recorded Sh50.4 billion in revenue in the 2025 financial year. Its growth strategy combines expansion, increased sales across existing outlets, digital channels and operational efficiency, with organic growth expected to be funded primarily through internally generated cash flows.

The retailer’s IPO comprises two billion existing ordinary shares, representing 50 per cent of its issued share capital. The shares are being offered by Sokoni Retail Kenya Limited at Sh7.50 each, meaning the transaction involves the sale of existing shares rather than the issuance of new shares by QuickMart.

The offer is scheduled to close at 5 pm East Africa Time on October 30, 2026, with trading on the NSE expected to begin on November 12, subject to the offer conditions and any formally announced changes to the timetable.

Prospective investors have been advised to consult the approved information memorandum available at ipo.quickmart.co.ke for details on the offer terms, risks and application procedures.