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Adenia Partners, an Africa-focused private equity firm, has completed a partial exit from Quickmart, Kenya’s second-largest supermarket chain, through an oversubscribed KES 15 billion (about $115.5 million) share offer and 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, representing 50% of Quickmart, with the proceeds going 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 attracted 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 base of local and international investors, including four international cornerstone investors: the International Finance Corporation, 337 Frontier, RWC Asset Management and Mobilist. Kenyan and East African retail and institutional investors received their allocations in full, accounting 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, with Adenia’s funds remaining invested.
Adenia first invested in supermarket chain Tumaini in 2018 and supported its merger with Quickmart in 2019, when the two chains operated a combined 19 stores. Today, Quickmart operates 72 stores across 16 counties in Kenya and processes approximately five million customer transactions each month. It reported revenue of $389 million for the 2025 financial year.
“This is a proud moment for Adenia, and a pivotal milestone in Quickmart’s development,” said Martha Osier, partner at Adenia and a Quickmart board member.
“Since our initial investment in 2018, we have worked closely with the founders and management team to build one of Kenya’s leading supermarket chains. The growth of the business is testament to our vision, and the commitment and hard work of all the company’s employees. The successful listing enables us to realise part of our investment while remaining a significant shareholder in a business with tremendous opportunities ahead. We look forward to supporting Quickmart as it enters the next exciting phase of its growth.”
** Read more: Adenia Partners is listing Kenyan retailer Quickmart: We find out more
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