NAIROBI, Kenya, October 21 – The United Kingdom government has committed Sh1.94 billion to Quickmart’s initial public offering (IPO), taking up about 13 percent of the Sh15 billion share offer ahead of the retailer’s planned listing on the Nairobi Securities Exchange (NSE).

The investment was made through the Foreign, Commonwealth and Development Office’s MOBILIST programme, which supports companies seeking to raise capital through public markets.

The commitment follows a separate conditional investment of up to Sh1.94 billion by the International Finance Corporation (IFC), the World Bank’s private sector arm, which is subject to approval by its board.

Quickmart operates 72 stores across 16 counties and reported revenue of Sh50.4 billion in 2025. Chief Executive Officer Peter Kang’iri said the proposed listing would broaden the retailer’s ownership and support its growth plans.

“We welcome MOBILIST as an investment partner as we broaden QuickMart’s ownership,” Kang’iri said, adding that the company plans to reinvest cash generated by its operations to expand the business.

Quickmart’s IPO involves the sale of two billion existing ordinary shares, representing 50 percent of its issued share capital, at Sh7.50 each. The shares are being offered by Sokoni Retail Kenya Limited, meaning Quickmart will not issue new shares through the transaction.

MOBILIST’s investment builds on its partnership with the NSE established in 2024 to expand investment opportunities and encourage greater participation by Kenyan institutional investors, including pension funds.

Earlier this year, the programme invested $9 million in the listing of Africa Logistics Properties’ Industrial Real Estate Investment Trust and committed about Sh1.2 billion to the Spearhead Africa Infrastructure Fund, which raised Sh3.4 billion to finance infrastructure projects.

The Quickmart offer closes at 5pm on October 30, 2026, with trading expected to begin on the NSE on November 12, subject to the offer conditions and any changes to the timetable.