Kenyan retailer Quickmart said it will seek a flotation on the Nairobi Securities Exchange, a move that would constitute the inaugural private-equity exit for a Kenyan firm through a stock-exchange listing. The firm disclosed the intended listing on 23 September, with the share sale slated for about 30 September.
Quickmart, Kenya’s second-largest grocery retailer, will issue shares on the Main Investment Market Segment of the exchange, pending regulatory approvals. Sokoni Retail Kenya Limited, the company’s sole owner and an investment vehicle used by Adenia Partners and other investors, will offer 50% of its shares for sale. This amounts to two billion ordinary shares at KES 0.2 per share, with an option for up to 15% over-allotment. No new shares will be issued for purchase.
The listing will make Adenia Partners the first private equity fund to exit a Kenyan company through a securities exchange. Quickmart has announced a targeted dividend of at least 80% of annual profits after tax, subject to financial performance and regulatory considerations. The company plans to fund its expansion through internally generated cash flows, as it does not receive returns from the share offer.
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Quickmart CEO Peter Kang’iri stated, “Listing on the NSE will give Kenyans the opportunity to own a share of a business they already shop in, while raising our profile with suppliers and partners as we continue to deliver on our growth strategy.” He added, “We have steadily expanded our national footprint, strengthened our operating platform and continued to invest in our stores, our people and our technology.”
Bowmans advised Quickmart and SRKL on the listing, with the initial public offering team led by managing partner Paras Shah and partner Wathingira Gituro. The company was launched in 2006 and merged with Tumaini in 2020. With 72 shops across 16 countries, Quickmart aims to grow its Kenyan footprint by over 100 stores in the medium term, at a pace of 10 to 15 store openings per year.
In 2025, Quickmart reported revenue of KES 50.4 billion (USD 385 million) and adjusted profit after tax of KES 1.7 billion (USD 13 million). Revenue reached KES 27.3 billion (USD 210 million) in the first six months of 2026.