Quickmart cuts Kenyans shares in IPO, global funds splash Sh7.1bn

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Quickmart has cut the allocation of shares to local investors in its initial public offering (IPO) to less than half after high-net-worth investors from the US and Britain splashed Sh7.1 billion on the retailer’s shares.

The retailer has amended the share allocation in a review that has made local investors the biggest losers.