Quickmart Sets Sh7.5 Price Per Share Ahead Of NSE Listing

Published By TSM Editor For The Statesman Digital
2 weeks ago

Retailer Quickmart has set the price of its shares at Sh7.50 ahead of its planned listing on the Nairobi Securities Exchange (NSE).

Quickmart, which announced the start of selling from today to October 30, 2026, will sell two billion existing ordinary shares, representing 50 percent of its issued share capital, through the offer, which is expected to raise Sh15 billion.

The retailer currently operates 72 stores across 16 counties and records about five million customer transactions each month.

Quickmart generated Sh50.4 billion in revenue in 2025 and an adjusted profit after tax of Sh1.7 billion.

As part of its growth strategy, the retailer plans to expand its network to more than 100 stores across Kenya over the medium term.

“Following Listing, the Board intends to target a dividend payout ratio of at least 80% of annual profit after tax, paid semi-annually, subject to the Company’s financial performance, capital requirements and Board discretion,” the retailer said in a statement before.

“The Company expects to pay an initial dividend in respect of the second half of 2026 in the first half of 2027,” it added.

The approvals, however, do not amount to a recommendation or endorsement of Quick Mart PLC or the shares being offered to investors.

The company said the CMA and NSE approvals should not be taken as an indication of the merits of the issuer or the offer shares.

Investors will be required to apply for a minimum of 500 offer shares, with subsequent applications made in multiples of 100 shares.

The company notes that there is no maximum application limit, while the offer does not include an over-allotment option and is not underwritten.

The IPO is subject to a minimum subscription requirement, with valid applications having to be received and accepted for at least 75 per cent of the shares on offer.

This translates to 1.5 billion offer shares by the October 30 closing date.

“If the minimum subscription condition is not satisfied, the offer shall not proceed, and all application monies shall be refunded without interest,” reads the notice.

Every investor must also have a valid Central Depository and Settlement (CDS) account before the shares can be credited.

Applications cannot be withdrawn or amended after submission unless the issuer gives prior written consent.

The selling shareholder will be subject to a 24-month lock-up period starting from the listing date. The restriction will apply to 60 per cent of its shareholding after the offer.

The International Finance Corporation (IFC) has conditionally committed to purchase offer shares worth up to USD15 million, equivalent to about Sh1.94 billion.

The commitment represents up to approximately 13 per cent of the offer and 6.5 per cent of Quick Mart PLC’s outstanding share capital.

Quickmart said the participation is subject to approval by the IFC board of directors.

“IFC’s participation does not constitute or imply a recommendation or endorsement by IFC or any member of the World Bank Group of the Offer, Quick Mart PLC, the Offer Shares or any investment in Quick Mart PLC,” reads the notice.

The IFC said its participation was solely as a commercial investor and did not amount to sovereign, government or institutional backing, a guarantee or credit support.

“IFC is participating solely as a commercial investor; its participation does not imply any sovereign, governmental, or institutional backing, guarantee, or credit support,” it said.

The corporation also said it had not verified the information contained in the announcement or the Information Memorandum and would not take responsibility for its accuracy or completeness.

“Prospective investors should not place any reliance on IFC’s potential investment when making their investment decisions,” it said.

The offer opened at 9:00 am East Africa Time on October 5 and will close at 5:00 pm EAT on October 30.

The announcement of the offer results and notification of allocations is scheduled for November 6.

Qualified institutional investors are expected to make payments on November 10, while allotment of the shares, crediting of CDS accounts and processing of refunds, where applicable, is scheduled for November 11.

Quickmart is expected to begin trading on the NSE on November 12.

The company said the dates could change without notice, with any amendments to be published in the press and on its website.

The offer period can also be extended or shortened with CMA approval.