Quickmart Reserves 48% of IPO Shares for Cornerstone Investors

NewsWeekPRO BUSINESS BusinessQuickmart Reserves 48% of IPO Shares for Cornerstone Investors

KenGen Names Ronoh Kibet as Next Managing Director and CEO

Eastleigh Trade Grinds to a Halt as Rescuers Search Building Rubble

Kenyans Invited to Name Country’s Crude Oil

University of Nairobi Debt Crisis: Audit Raises Fresh Insolvency Concerns

NCA Names 9th Street Plaza Ltd as Developer of Collapsed Eastleigh Building

Rough Seas Ahead? Kenya’s Fishers and Boat Operators Put on Alert

DCI, US DEA Sign New Pact to Target Drug Trafficking Networks Across Borders

Nairobi to Host AgriFin Event on Scaling Digital Agriculture

Future Is Female Mentorship Program Opens Applications for Sixth Edition

AI Uncovers Hidden PHP Flaws, Putting Millions of Websites on High Alert

Trump Thanks Musk for Pledge to Give SpaceX Shares to American Children

Spotify Launches Audiobooks In Kenya: How Much Listening Will Cost You

UK To Ban Strangulation, Incest And Child-Impersonation Pornography From November 6

“Flying Cars Are Real”: Tesla’s Flying Roadster Stuns With Midair Flips

Meghan Reveals 2018 Police Letter as Allegations Against Estranged Father Emerge

Nick Kwach Awarded National Heroes Medal for Contribution to Arts

Prince Harry Says He Wants to Reconcile With Royal Family

‘Always Be Truthful, Not Neutral’: Amanpour’s CNN Exit After 43 Years

Standard Group CEO Chaacha Mwita Resigns After Months In Top Job

[OPINION]When Does Religion Become A Cult? Shakahola Forces Kenya To Confront A Difficult Question

[OPINION]From Ballot Boxes To The Streets: Why Citizens Around The World Are Fighting To Make Democracy Work

Dear Baba, This Is What Has Happened to ODM

Muraya: Kenya Changed Its Constitution, But Has It Changed the Politics of Power?

NewsWeekPRO Quickmart Reserves 48% of IPO Shares for Cornerstone Investors By: Joseph Muraya Date:

NAIROBI, Kenya- Quickmart has revised the allocation of its Sh15 billion share offer, reserving 48 per cent of the shares for cornerstone investors after accepting applications from three additional institutional investors.

A supplementary information memorandum approved by the Capital Markets Authority on October 23 names the UK Government’s MOBILIST programme, RWC Asset Management LLP and 337 Frontier Capital LP as cornerstone investors, alongside the International Finance Corporation (IFC).

The revised allocation sets aside 960 million shares, worth Sh7.2 billion at the offer price of Sh7.50, for cornerstone investors. 

Kenyan and East African retail investors have been allocated 12 per cent, local institutional investors 32 per cent and foreign investors 8 per cent.

The shift reduces the allocation for foreign investors from 20 per cent, Business Daily reported. 

The offer comprises two billion existing shares, representing half of Quickmart’s issued share capital.

Quickmart has welcomed RWC LLP (Redwheel) and 337 Frontier as additional cornerstone investors in its KES 15B IPO, following CMA approval on October 23.— RWC LLP, a UK-based asset manager, has committed KES 1.3B, representing 8.7% of the offer.— 337 Frontier, a US-based… https://t.co/IqbHKUJy7f pic.twitter.com/uy31MgJ9M9

The shares are being sold by Sokoni Retail Kenya Limited, Quickmart’s sole shareholder. 

Quickmart will not receive proceeds from the sale because the offer involves existing shares rather than newly issued stock.

The public offer opened on October 5 and is scheduled to close at 5pm on October 30. 

Trading on the Nairobi Securities Exchange is expected to begin on November 12, subject to the offer conditions and any changes to the timetable.

A cornerstone investor is an institutional investor that commits to buy shares in an offer, usually before it opens to the public. 

The commitments are subject to the terms set out in the offer documents.

Quickmart’s supplementary notice says applications from the three additional investors were accepted in consultation with the company, the selling shareholder and transaction advisers. 

It also says the investors will participate under the terms outlined in the memorandum.

The company’s IPO is one of Kenya’s major share offers this year, giving investors the opportunity to buy into the supermarket chain as its existing owners sell part of their holdings.

Save my name, email, and website in this browser for the next time I comment.

At Y News. Digital, we’re reshaping storytelling in the digital era, focusing on tech, development, and human-interest stories. Our concise, engaging content resonates with readers interested in understanding and connecting with global issues and innovations.