Quickmart Officially Joins Nairobi Securities Exchange

Quickmart has officially joined the Nairobi Securities Exchange (NSE), opening trading on the market at an average share price of Ksh10.

Quickmart has officially joined the Nairobi Securities Exchange (NSE), opening trading on the market at an average share price of Ksh10.

In a statement on Thursday, November 12, the NSE welcomed Quickmart to the market, highlighting the supermarket’s growth from a local retailer in Nakuru into one of Kenya’s leading supermarket chains.

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“Today, we proudly welcome Quickmart PLC to the Nairobi Securities Exchange. Quickmart’s growth from a local retailer in Nakuru to a leading national supermarket chain highlights the role of entrepreneurship, innovation, and strategic ambition in driving sustainable business success,” the statement read.

The NSE further noted that the listing would strengthen the role of public markets in supporting businesses and creating investment opportunities for Kenyans.

“Its listing reinforces the importance of public markets in supporting enterprise growth, strengthening governance, and expanding investment opportunities for Kenyans,” the statement added.

Capital Markets Authority (CMA) Chairman Ugas Mohamed said the transaction demonstrated the ability of the country’s capital markets to attract investors, noting that demand exceeded the shares offered.

“We are celebrating a transaction that has demonstrated the capacity of our capital markets to attract investment. The outcome has exceeded the offer size and shown strong demand across all investor categories,” Mohamed said.

He challenged Quickmart to maintain the momentum by upholding strong corporate governance and maintaining clear communication with investors.

“Quickmart must now sustain that performance through strong governance and clear communication. Somewhere in Kenya this afternoon is a family buying a small shop and wondering what it could be. It could be Quickmart,” he added.

Trade Cabinet Secretary Lee Kinyanjui also celebrated the supermarket’s journey, pointing to Nakuru’s contribution to the growth of major retail businesses in Kenya.

“All the major retail outlets in Kenya, except Uchumi, originated in Nakuru. From Nakuru, to Nairobi, to the world. This listing demonstrates that a Kenyan family business can grow into an institution owned by the public,” Kinyanjui said.

British Deputy High Commissioner Diana Dalton said the United Kingdom had supported the listing through MOBILIST, a global programme designed to help growing businesses access capital by listing on public markets.

“The UK has supported this through MOBILIST, a global programme that helps growing businesses get listed. We are so excited to see Quickmart, a family-grown business, reach this milestone highlighting the strong trade relationship between the UK and Kenya,” Dalton said.

Martha Osier, a partner at Adenia Partners, which invested in Quickmart, described the listing as a significant achievement, recalling the firm’s confidence in the supermarket’s growth potential when it first invested.

“Today is a significant milestone. We were the first to invest in Quickmart because we believed that with strong management, it could grow and employ Kenyans,” Osier said.

She further pointed to the strong investor demand as evidence of growing confidence in Kenya’s capital markets and the ability of private equity investors to exit through public offerings.

“The significant oversubscription points to deepening trust in our capital markets and proves private equity can reliably exit through public offers,” she added.

This comes days after Quickmart PLC announced the final allocation of 2 billion shares to investors following the conclusion of its Initial Public Offer (IPO), which attracted applications worth Ksh18.4 billion.

In a notice issued on Friday, November 6, the retailer disclosed that it had received 18,492 applications for 2,454,598,686 shares against the 2 billion ordinary shares offered for sale by its majority shareholder, Sokoni Retail Kenya Limited.

The applications were valued at Ksh18,409,490,145, representing an overall subscription level of 122.7 per cent and excess demand of 454,598,686 shares. 

The offer was priced at Ksh7.50 per share, giving the transaction a total value of Ksh15 billion.

Quickmart disclosed that Kenyan and East African Community (EAC) retail investors, including the company’s direct staff, received 100 per cent of the shares they applied for. 

Kenyan and EAC institutional investors also received full allocation.

Cornerstone investors received 90.1 per cent of their applications in aggregate, while foreign investors received an average allocation rate of approximately 49.5 per cent.

The allocation saw the International Finance Corporation (IFC) receive 258 million shares out of the 266,666,666 shares it applied for, while 337 Frontier received its full application of 259.7 million shares.

RWC Asset Management was allocated all the 173.15 million shares it applied for, while Mobiliti received 173,333,333 shares out of its application for 259.8 million shares.

Kevin Koech is a seasoned digital journalist with over five years in the industry, covering breaking news, current affairs, and business stories.

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