The United Kingdom government has committed KSh1.94 billion (US$15 million) to Quickmart’s initial public offering (IPO) through its MOBILIST programme, securing nearly 13% of the supermarket chain’s KSh15 billion share offer.
The investment raises MOBILIST’s disclosed participation in three Kenyan capital market transactions in 2026 to approximately KSh4.31 billion (US$33.3 million), following previous investments in infrastructure and real estate funds listed on the Nairobi Securities Exchange (NSE).
MOBILIST, a programme funded by the UK’s Foreign, Commonwealth and Development Office (FCDO), aims to mobilise institutional capital for emerging markets through public stock exchanges. Its participation in Quickmart’s IPO is subject to the final allocation of shares.
The UK government’s investment comes after the International Finance Corporation (IFC), the World Bank’s private-sector investment arm, made a separate conditional commitment of up to US$15 million towards the offer.
Quickmart Group Chief Executive Officer Peter Kang’iri said the proposed listing would support the retailer’s expansion plans while creating long-term value for shareholders and other stakeholders.
He explained that the supermarket chain’s business model focuses on providing affordable fresh food and essential goods, improving operational efficiency and reinvesting internally generated cash into sustainable growth.
Kang’iri added that MOBILIST’s participation would help the company expand its reach, create employment opportunities, support suppliers and contribute to economic growth.
If the IFC secures board approval and invests the full US$15 million, the two institutions would collectively contribute approximately KSh3.88 billion, representing nearly 26% of Quickmart’s IPO.
MOBILIST has previously invested US$9 million, equivalent to approximately KSh1.16 billion, in Africa Logistics Properties REIT. The investment supported the vehicle, which became the NSE’s first US dollar-denominated security in March 2026.
The programme also invested US$9.3 million, or about KSh1.20 billion, in Spearhead Africa Infrastructure Fund, helping facilitate the listing of Kenya’s first infrastructure fund on the NSE in April 2026.
These investments build on a partnership established between MOBILIST and the NSE in September 2024 to strengthen Kenya’s public capital markets and attract more institutional investors.
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Outside Kenya, MOBILIST has invested in Nigeria-based infrastructure credit guarantor InfraCredit and committed US$7 million to the pan-African Helios CLEAR Fund, which focuses on climate-related investments.
How to Subscribe to Quickmart’s IPO
Quickmart is offering two billion existing ordinary shares at KSh7.50 each. The shares represent 50% of the company’s issued share capital, placing the retailer’s implied valuation at KSh30 billion.
The shares are being sold by existing shareholder Sokoni Retail Kenya Limited. Consequently, Quickmart will not receive any proceeds from the transaction, as the IPO involves the sale of existing shares rather than the issuance of new equity.
The supermarket chain currently operates 72 stores across 16 counties, up from 68 outlets at the end of June 2026.
In 2025, Quickmart recorded revenue of KSh50.43 billion, an 8% increase from the KSh46.71 billion reported in 2024. Its annual revenue has nearly doubled from KSh25.68 billion in 2021.
The retailer has largely financed its expansion using cash generated from its operations and follows a leased-store business model.
The IPO is scheduled to close on 30 October 2026 at 5 p.m. East African Time, with trading on the Nairobi Securities Exchange expected to commence on 12 November, subject to the offer timetable and applicable regulatory requirements.
