The United Kingdom’s Foreign, Commonwealth & Development Office, through its MOBILIST programme, has subscribed for about $15 million of shares in the initial public offering of Kenyan retailer Quickmart, a portfolio company of Adenia Partners. The subscription comes ahead of Quickmart’s proposed listing on the Nairobi Securities Exchange.
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Adenia Partners is listing Kenyan retailer Quickmart: We find out more
Kenyan retailer Quickmart, a portfolio company of Adenia Partners, has received regulatory approval for its IPO and listing on the Nairobi Securities Exchange, in a deal that values the company at about $230 million. Africa Private Equity News editor-in-chief Jaco Maritz spoke to Martha Osier, a partner at Adenia and a board member of Quickmart, to find out more. Watch the interview
At the stated Kenya shilling equivalent, the subscription represents approximately 13% of the KES 15 billion (about $115.5 million) offer, with share allotment to be completed in accordance with the offer terms. The announcement follows the previously disclosed conditional cornerstone commitment from the International Finance Corporation (IFC) to purchase up to $15 million, approximately KES 1.94 billion, in offer shares, subject to the approval of IFC’s board.
The offer opened on 5 October and will close on 30 October.
“Over the seven years under Adenia’s stewardship, Quickmart has grown from 25 to 72 stores across 16 counties in Kenya, with 8,000-plus team members and 5 million monthly customer transactions. The proposed listing marks the next stage in that journey: from founder ownership, to institutional ownership, to broader public ownership – with Adenia Partners continuing as a significant shareholder alongside Quickmart’s founders and management team,” Adenia said in a statement.
Founded in 2006, Quickmart has grown into the second-largest modern grocery retailer in Kenya by store count and turnover, with an estimated 15% share of the modern grocery retail market.
In 2019, Adenia invested in Quickmart and merged it with Tumaini Self Service, a local retail operation it had acquired the previous year.
Quickmart is currently 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 Quickmart’s group CEO. Under the proposed listing, SRKL plans to sell 50% of Quickmart’s shares to public investors. If demand is strong, it could sell an additional amount equal to up to 15% of the shares initially offered, which would reduce SRKL’s remaining stake in Quickmart from about 50% to about 42.5%.
Martha Osier, partner at Adenia Partners, said: “When Adenia invested in Quickmart, our objective was to partner with its founders and management to build a stronger, more scalable and more institutional business. Over the course of our investment, Quickmart has expanded significantly, strengthened its leadership and governance, and developed into one of Kenya’s most recognised home-grown retail platforms.
“The proposed listing represents a natural next step in that journey. It will broaden ownership of the company, introduce a public free float and enable Kenyan and other eligible investors to participate in Quickmart’s future growth. The existing shareholder group intends to retain a substantial interest in the company following the offer, reflecting our continued confidence in the company and its long-term prospects,” she added.
Quickmart’s FY2025 revenue was KES 50.4 billion ($388.08 million) and adjusted profit after tax was KES 1.7 billion ($13.09 million), with revenue growing at a compound annual growth rate of 18.4% between FY2021 and FY2025.
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