NAIROBI, Kenya, Oct 26 – Quickmart PLC has attracted commitments of up to Sh7.12 billion from four institutional investors for its initial public offering (IPO), equivalent to 47.5 percent of the Sh15 billion offer.

The commitments include applications worth Sh5.18 billion from MOBILIST, RWC Asset Management LLP and 337 Frontier Capital, alongside a conditional commitment of up to Sh1.94 billion from the International Finance Corporation (IFC), which is subject to approval by its board.

MOBILIST has applied to invest Sh1.94 billion, while RWC Asset Management has applied for Sh1.3 billion and 337 Frontier Capital Sh1.94 billion.

Quickmart said the three applications had been accepted by the retailer and its selling shareholder, Sokoni Retail Kenya Limited, following approval of a supplementary information memorandum by the Capital Markets Authority on October 23.

The IPO involves the sale of two billion existing shares, representing 50 percent of Quickmart’s issued share capital, at Sh7.50 per share. The proceeds will go to Sokoni Retail Kenya Limited, with no new shares being issued.

Quickmart Chief Executive Officer Peter Kang’iri said the IPO would give Kenyan and regional investors an opportunity to own shares in the retailer alongside international institutions.

The company operates 72 stores across 16 counties and reported revenue of Sh50.4 billion in the 2025 financial year.

Quickmart plans to grow through new stores, increased sales at existing outlets, digital channels and improved operational efficiency, with expansion expected to be funded mainly through internally generated cash.

The revised IPO allocation provides for 12 percent of the shares to Kenyan and East African retail investors, 32 percent to regional institutional investors, 8 percent to foreign investors and 48 percent to cornerstone investors.

The offer closes at 5pm on October 30, with results and share allocations expected on November 6. Trading on the Nairobi Securities Exchange is scheduled to begin on November 12, subject to the offer conditions.

The offer price remains Sh7.50 per share. Prospective investors have been advised to review the IPO information memorandum and supplementary memorandum before making investment decisions.