Retail chain Quickmart has unveiled plans to list on the Main Investment Market Segment of the Nairobi Securities Exchange (NSE) in a move that will broaden ownership of one of East Africa’s home-grown retail platforms and test investor appetite for a sector still scarred by the high-profile collapses of yesteryear.

The proposed listing, subject to regulatory approvals from the Capital Markets Authority, will not raise new capital for the company. 

Instead, it will comprise a secondary offer for sale by Sokoni Retail Kenya Limited (SRKL), the investment vehicle through which funds managed by Adenia Partners, alongside the founders of Quickmart and Tuumaini, hold their interests. 

SRKL intends to sell two billion existing ordinary shares, which is about 50 percent of Quickmart’s issued share capital, with an over-allotment option of up to 15 percent of the offer shares. Quickmart will receive no proceeds from the offer.

“The proposed Listing marks an important milestone in Quickmart’s journey,” said Peter Kang’iri, Group CEO. “Listing on the NSE will give Kenyans the opportunity to own a share of a business they already shop in, while raising our profile with suppliers and partners as we continue to deliver on our growth strategy.”

Founded in Nakuru in 2006, Quickmart has grown into a retail powerhouse with an estimated 15 percent share of Kenya’s modern grocery market. 

Quickmart operates 72 stores, including hypermarket, supermarket, and express formats, across 16 counties. The network has expanded rapidly, growing from 64 stores at the end of 2025 to 68 by June 2026, with four additional stores opened since then. Of the current total, 35 operate on a 24-hour basis.

For the year ended December 31, 2025, Quickmart generated revenue of KES 50.4 billion and a net profit of KES 1.7 billion, representing a compound annual growth rate of 18.4% between 2021 and 2025. Revenue for the first half of 2026 stood at KES 27.3 billion.

The retailer recorded approximately 5 million customer transactions per month on average during the first six months of 2026, supported by roughly 2.5 million Q-Points loyalty members. 

Quickmart operates an asset-light retail model, leasing rather than owning its stores, and relies on a largely supplier-led direct-to-store distribution model. This approach, combined with rapid inventory turnover and efficient working capital management, has enabled the company to finance its expansion while maintaining financial flexibility.

Looking ahead, Quickmart targets opening 10 to 15 new stores annually in Kenya, focusing on urban, peri-urban, regional, and coastal markets, with a medium-term goal of surpassing 100 stores. 

A key feature of the proposed listing is an intended dividend policy targeting a payout ratio of at least 80 percent of annual profit after tax, paid semi-annually. This remains subject to the company’s financial performance, capital requirements, and board discretion. Quickmart expects to pay an initial dividend in respect of the second half of 2026 in the first half of 2027.

Following completion of the offer, if the over-allotment option is not exercised, SRKL is expected to retain approximately 50 percent of the company’s issued share capital. If the over-allotment option is exercised in full, SRKL’s remaining shareholding would reduce to approximately 42.5 percent.

Martha Osier, Partner at Adenia Partners, described the listing as a natural progression. “When Adenia invested in Quickmart, our objective was to partner with its founders and management to build a stronger, more scalable and more institutional business,” she said. 

“The proposed Listing represents a natural next step in that journey. It will broaden ownership of the Company, introduce a public free float and enable Kenyan and other eligible investors to participate in Quickmart’s future growth.”

The listing comes at a delicate moment for Kenya’s capital markets and retail sector. The NSE has struggled to attract large initial public offerings in recent years, and investor confidence in retail stocks remains fragile following the well-documented troubles of formerly listed retailers such as Nakumatt. 

Quickmart’s decision to pursue a secondary offering rather than a primary raise may soothe concerns about dilution and use of proceeds, but it also signals that the selling shareholder, Adenia Partners, could be seeking a partial exit after a sustained period of growth and transformation.

The offer is currently expected to launch on or around September 30, 2026, with further details on the timetable and terms to be set out in an information memorandum expected to be published in due course. Quickmart has submitted its application and related documentation to the CMA and the NSE.

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