Quick Mart PLC (“Quickmart”) announces its intention to list its shares on the Main Investment Market Segment of the Nairobi Securities Exchange
The proposed listing would broaden ownership of one of Kenya’s largest modern grocery retailers and enable Kenyan and other eligible investors to participate in its next phase of growth.
Key highlights
• Quickmart intends to list its shares on the Main Investment Market Segment of the Nairobi Securities Exchange, subject to the requisite regulatory approvals.
• The proposed offer will comprise an offer for sale by Sokoni Retail Kenya Limited, which currently holds the entire issued share capital of Quickmart, of 2 billion existing ordinary shares with a nominal value of KES 0.2 each, representing 50% of Quickmart’s issued share capital, with an expected over-allotment option of up to 15% of the Offer Shares (the “Offer”). No new shares will be issued by Quickmart and Quickmart will not receive any proceeds from the Offer.
• Quickmart will not raise new capital from the Offer and expects to continue funding its organic growth and store expansion primarily through internally generated cash flows.
• Currently, Quickmart operates 72 stores across 16 counties, recording approximately 5 million customer transactions per month, supported by approximately 2.5 million Q-Points loyalty members.
• FY2025 revenue was KES 50.4 billion and adjusted profit after tax was KES 1.7 billion, with revenue growing at a compound annual growth rate of 18.4% between FY2021 and FY2025.
• The Company is targeting more than 100 stores in Kenya over the medium term, driven by customer growth, digital development and operational efficiency.
• Following Listing, the 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 and Board discretion. The Company expects to pay an initial dividend in respect of the second half of 2026 in the first half of 2027.
Nairobi, Kenya: 23 September 2026: Quick Mart PLC (“Quickmart” or the “Company”), one of Kenya’s leading modern grocery retailers, today announced its intention to list all of its issued ordinary shares on the Main Investment Market Segment of the Nairobi Securities Exchange (“NSE”) by way of a proposed offer for sale of existing shares (the “Offer”) by its sole shareholder, Sokoni Retail Kenya Limited (“SRKL” or the “Selling Shareholder”).
SRKL currently holds the entire issued share capital of Quickmart. Pursuant to the Offer, SRKL proposes to sell 2 billion of its ordinary shares, representing 50% of Quickmart’s issued ordinary share capital. The Offer is also expected to include an over-allotment option of up to 15% of the Offer Shares, subject to the terms to be set out in the Information Memorandum.
Quickmart will not issue any new shares and will not receive any proceeds from the Offer. The Company expects to continue funding its organic growth and store expansion primarily through internally generated cash flows.
The proposed Offer represents the next stage in Quickmart’s development. The Offer would broaden the Company’s ownership base, create a meaningful public free float and provide the Selling Shareholder with an opportunity to realise part of its investment following a sustained period of growth and business transformation.
The Offer remains subject to the requisite regulatory approvals, and other applicable conditions. The Offer is currently expected to launch on or around 30 September 2026, with further details regarding the timetable and terms to be set out in the Information Memorandum.
A Kenyan retail business of national scale
Founded in Nakuru in 2006, Quickmart has grown into the second largest modern grocery retailer in Kenya by store count and turnover, with an estimated 15% share of the modern grocery retail market.
As at the date of this announcement, the Company operates 72 stores (including Hypermarket, Supermarket and Express format stores) across 16 counties.
The Company recorded approximately 5 million customer transactions per month on average during the first six months of 2026 and has approximately 2.5 million Q-Points loyalty members. Loyalty members accounted for approximately 74% of sales during FY2025 and the first half of 2026.
For the year ended 31 December 2025, Quickmart generated revenue of KES 50.4 billion and adjusted profit after tax of KES 1.7 billion, with revenue growing at a compound annual growth rate of 18.4% between FY2021 and FY2025. Revenue for the first six months of 2026 was KES 27.3 billion.
The store network grew from 64 stores as at 31 December 2025 to 68 as at 30 June 2026, with a further 4 stores opened since that date, bringing the total to 72 stores as at the date of this announcement. Of these, 35 operate on a 24-hour basis.
Quickmart’s growth strategy for 2026-2030 is centred on continued store expansion, sustained like-for-like sales growth, a stronger online offering and partnerships with delivery platforms, enhanced category management and operating efficiency, and disciplined capital allocation.
The Company is targeting the opening of 10 to 15 new stores per year in Kenya, focused on urban, peri-urban, regional and coastal markets.
Peter Kang’iri, Group Chief Executive Officer of Quickmart, said:
“The proposed Listing marks an important milestone in Quickmart’s journey. Over the past two decades, we have built one of Kenya’s leading modern grocery retailers, serving millions of customers across 16 counties. We have steadily expanded our national footprint, strengthened our operating platform and continued to invest in our stores, our people and our technology – all while remaining focused on what our customers value most: price, convenience and freshness.
“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. We are proud of what our teams have built and excited about the opportunities that lie ahead.”
Broadening ownership
Adenia Partners invested in both Quickmart and Tumaini, which merged and rebranded in 2020 to form Quickmart. Quickmart is wholly owned by SRKL, the investment vehicle through which funds managed by Adenia Partners, the founders of Quickmart, the founders of Tumaini and the Group Chief Executive Officer hold their respective interests in Quickmart.
The shares to be sold by SRKL under the Offer will be sold in a manner that results in a pro rata partial exit by the shareholders of SRKL. Following completion of the Offer, if the over-allotment option is not exercised, SRKL is expected to retain approximately 50% 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%.
Martha Osier, Partner at Adenia Partners, said:
“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. Over the course of our investment, Quickmart has expanded significantly, strengthened its leadership and governance, and developed into one of Kenya’s most recognised home-grown retail platforms.
“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 existing shareholder group intends to retain a substantial interest in the Company following the Offer, reflecting our continued confidence in the Company and its long-term prospects.”
Growth, cash generation and shareholder returns
Quickmart operates an asset-light retail model under which its stores are leased rather than owned, supported by a largely supplier-led direct-to-store distribution model. Rapid inventory turnover and efficient working capital management have contributed to strong operating cash conversion, enabling the Company to finance its expansion while maintaining financial flexibility.
Following the Offer, and subject to the considerations set out in the Information Memorandum, the Board intends to target a dividend pay-out ratio of at least 80% of annual profit after tax. This is a target and not a guaranteed distribution, and will remain subject to the Company’s financial performance, capital requirements, growth opportunities and applicable legal and regulatory requirements.
Quickmart has submitted its application and related documentation to the Capital Markets Authority (“CMA”) and the NSE in connection with the proposed Offer. The proposed Offer remains subject to receipt of all requisite regulatory approvals and satisfaction of the applicable conditions.
Further information regarding Quickmart, the proposed Offer, the Company’s financial information, risk factors, the expected timetable and the terms and conditions of the Offer will be set out in the Information Memorandum, which is expected to be published in due course.