Key Takeaways
- • The UK Foreign, Commonwealth & Development Office, through its MOBILIST programme, subscribed for about $15 million of shares in the IPO of Kenyan retailer Quickmart, a portfolio company of Adenia Partners.
- • The KES 15 billion (about $115.5 million) offer values Quickmart at about $230 million and remains open from 5 October to 30 October 2026 on the Nairobi Securities Exchange.
- • The MOBILIST subscription represents approximately 13% of the offer at the stated Kenya shilling equivalent, following a previously disclosed conditional cornerstone commitment of up to $15 million from the International Finance Corporation (IFC), subject to IFC board approval.
- • SRKL, the vehicle holding Quickmart, plans to sell 50% of the company to public investors, with an optional additional sale of up to 15% of the initial offer size that would reduce its stake from about 50% to about 42.5%.
- • Quickmart reported FY2025 revenue of KES 50.4 billion ($388.08 million) and adjusted profit after tax of KES 1.7 billion ($13.09 million), with revenue compounding at 18.4% annually from FY2021 to FY2025.
Summary
The United Kingdom's Foreign, Commonwealth & Development Office, acting through its MOBILIST programme, has subscribed for about $15 million of shares in the initial public offering of Quickmart, a Kenyan grocery retailer backed by Adenia Partners, according to Africa Private Equity News. The subscription precedes Quickmart's proposed listing on the Nairobi Securities Exchange. Quickmart has received regulatory approval for the IPO, which values the company at approximately $230 million. The offer, worth KES 15 billion (about $115.5 million at the stated exchange rate), opened on 5 October and closes on 30 October. The MOBILIST subscription represents roughly 13% of the offer, with allotment to be completed in accordance with the offer terms. It follows a previously disclosed conditional cornerstone commitment from the International Finance Corporation to purchase up to $15 million of offer shares, subject to IFC board approval.
Quickmart was founded in 2006 and is now the second-largest modern grocery retailer in Kenya by store count and turnover, with an estimated 15% share of the modern grocery retail market. Adenia said in a statement that the company has grown from 25 to 72 stores across 16 counties over its seven years under Adenia's stewardship, employing more than 8,000 team members and handling 5 million monthly customer transactions. Adenia invested in Quickmart in 2019 and merged it with Tumaini Self Service, a local retailer it had acquired the previous year.
Quickmart is wholly owned by Sokoni Retail Kenya Limited (SRKL), an investment vehicle whose shareholders include funds managed by Adenia Partners, the founders of Quickmart and Tumaini, and the group CEO. Under the proposed listing, SRKL plans to sell 50% of Quickmart's shares to public investors, with the option to sell up to an additional 15% of the initially offered shares if demand is strong, which would lower SRKL's stake to about 42.5%. Martha Osier, partner at Adenia Partners and a Quickmart board member, said the listing will broaden ownership, introduce a public free float, and allow Kenyan and other eligible investors to participate in the company's growth, while the existing shareholder group intends to retain a substantial interest.
Quickmart's FY2025 revenue was KES 50.4 billion ($388.08 million), with adjusted profit after tax of KES 1.7 billion ($13.09 million). Revenue grew at a compound annual growth rate of 18.4% between FY2021 and FY2025.
Quickmart was founded in 2006 and is now the second-largest modern grocery retailer in Kenya by store count and turnover, with an estimated 15% share of the modern grocery retail market. Adenia said in a statement that the company has grown from 25 to 72 stores across 16 counties over its seven years under Adenia's stewardship, employing more than 8,000 team members and handling 5 million monthly customer transactions. Adenia invested in Quickmart in 2019 and merged it with Tumaini Self Service, a local retailer it had acquired the previous year.
Quickmart is wholly owned by Sokoni Retail Kenya Limited (SRKL), an investment vehicle whose shareholders include funds managed by Adenia Partners, the founders of Quickmart and Tumaini, and the group CEO. Under the proposed listing, SRKL plans to sell 50% of Quickmart's shares to public investors, with the option to sell up to an additional 15% of the initially offered shares if demand is strong, which would lower SRKL's stake to about 42.5%. Martha Osier, partner at Adenia Partners and a Quickmart board member, said the listing will broaden ownership, introduce a public free float, and allow Kenyan and other eligible investors to participate in the company's growth, while the existing shareholder group intends to retain a substantial interest.
Quickmart's FY2025 revenue was KES 50.4 billion ($388.08 million), with adjusted profit after tax of KES 1.7 billion ($13.09 million). Revenue grew at a compound annual growth rate of 18.4% between FY2021 and FY2025.
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