Key Takeaways
- • Adenia Partners completed a partial exit from Quickmart, Kenya's second-largest supermarket chain, through an oversubscribed KES 15 billion (about $115.5 million) share offer tied to the company's listing on the Nairobi Securities Exchange, with shares trading from 12 November.
- • The offer, made by Sokoni Retail Kenya Limited, sold 2 billion existing shares representing 50% of Quickmart, with proceeds going to selling shareholders; the implied market capitalisation at the offer price is KES 30 billion (about $231 million).
- • Demand reached 6,068 applications for roughly 2.45 billion shares (KES 18.4 billion, about $141.7 million), more than 20% above offer size, including four international cornerstone investors: IFC, 337 Frontier, RWC Asset Management and Mobilist.
- • Sokoni Retail Kenya, whose shareholders include Adenia, the founders and the group CEO, retains a 50% stake, and Adenia's funds remain invested.
- • Quickmart reported $389 million in revenue for the 2025 financial year, operates 72 stores across 16 Kenyan counties, and processes about five million customer transactions monthly.
Summary
Adenia Partners, an Africa-focused private equity firm, has completed a partial exit from Quickmart, Kenya's second-largest supermarket chain, according to Africa Private Equity News. The transaction combined an oversubscribed KES 15 billion (about $115.5 million) share offer with the company's listing on the Nairobi Securities Exchange. Quickmart's shares began trading on 12 November.
The offer, made by Sokoni Retail Kenya Limited, comprised 2 billion existing shares, equal to 50% of Quickmart. Proceeds went to the selling shareholders. At the offer price, Quickmart's 4 billion shares imply a market capitalisation of KES 30 billion (about $231 million). The offer drew 6,068 applications for approximately 2.45 billion shares, worth KES 18.4 billion (about $141.7 million), exceeding the offer size by more than 20%. Demand came from a broad mix of local and international investors. Four international cornerstone investors participated: the International Finance Corporation, 337 Frontier, RWC Asset Management and Mobilist. Kenyan and East African retail and institutional investors received full allocations, which accounted for 45% of the shares offered.
Following the transaction, Sokoni Retail Kenya, whose shareholders include Adenia, Quickmart's founders and the group chief executive officer, retains a 50% stake in Quickmart. Adenia's funds remain invested in the business.
Adenia first invested in supermarket chain Tumaini in 2018 and supported its 2019 merger with Quickmart, when the two chains operated a combined 19 stores. Quickmart now operates 72 stores across 16 Kenyan counties and processes approximately five million customer transactions each month. It reported revenue of $389 million for the 2025 financial year.
Martha Osier, partner at Adenia and a Quickmart board member, described the listing as "a proud moment for Adenia, and a pivotal milestone in Quickmart's development." She said the listing "enables us to realise part of our investment while remaining a significant shareholder in a business with tremendous opportunities ahead."
The offer, made by Sokoni Retail Kenya Limited, comprised 2 billion existing shares, equal to 50% of Quickmart. Proceeds went to the selling shareholders. At the offer price, Quickmart's 4 billion shares imply a market capitalisation of KES 30 billion (about $231 million). The offer drew 6,068 applications for approximately 2.45 billion shares, worth KES 18.4 billion (about $141.7 million), exceeding the offer size by more than 20%. Demand came from a broad mix of local and international investors. Four international cornerstone investors participated: the International Finance Corporation, 337 Frontier, RWC Asset Management and Mobilist. Kenyan and East African retail and institutional investors received full allocations, which accounted for 45% of the shares offered.
Following the transaction, Sokoni Retail Kenya, whose shareholders include Adenia, Quickmart's founders and the group chief executive officer, retains a 50% stake in Quickmart. Adenia's funds remain invested in the business.
Adenia first invested in supermarket chain Tumaini in 2018 and supported its 2019 merger with Quickmart, when the two chains operated a combined 19 stores. Quickmart now operates 72 stores across 16 Kenyan counties and processes approximately five million customer transactions each month. It reported revenue of $389 million for the 2025 financial year.
Martha Osier, partner at Adenia and a Quickmart board member, described the listing as "a proud moment for Adenia, and a pivotal milestone in Quickmart's development." She said the listing "enables us to realise part of our investment while remaining a significant shareholder in a business with tremendous opportunities ahead."
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