Kenyan retailer Quickmart, has received a share subscription worth Ksh 1.94 billion ($15m) for its ongoing Initial Public Offering from MOBILIST programme.

The latest subscription by MOBILIST programme which is flagship public-markets programme backed by the UK Government’s Foreign, Commonwealth and Development Office (FCDO), represents 13% of the Ksh 15 billion Offer.

“We welcome MOBILIST as an investment partner as we broaden QuickMart’s ownership. We have built QuickMart around a straightforward proposition: to make fresh food and everyday essentials accessible, run our stores efficiently and reinvest the cash the business generates in disciplined growth,” said Peter Kang’iri, QuickMart Group Chief Executive Officer.

The latest subscription by the institutional investor follows conditional commitment made by the International Finance Corporation (IFC) to purchase up to Ksh 1.94 billion ($15m) worth of share offer, subject to the approval by its board.

MOBILIST invests capital, delivers technical assistance, conducts research, and builds partnerships to catalyse investment by supporting new products to list on public markets.

“With MOBILIST’s support, our proposed listing will help to realise QuickMart’s ambition to create long-term shareholder value while expanding opportunities for our suppliers, creating jobs, impacting the economy, and bringing convenient, affordable shopping to more communities,” added Kagiri.

QuickMart say the IPO comprises 2 billion existing ordinary shares, representing 50% of its issued share capital, offered by Sokoni Retail Kenya Limited at Ksh 7.50 per share.

The IPO which opened on October 5 is expected to close on October 30, with listing on Nairobi Securities Exchange (NSE) scheduled for November 12, 2026.