Quick Mart PLC’s share sale in Kenya drew applications for 22.7% more stock than it offered, but the grocer will receive no IPO proceeds because the seller is selling existing shares.
The results announcement published Nov. 6 recorded 18,492 applications for 2,454,598,686 shares, valued at KES 18,409,490,145. The offer covered 2 billion shares priced at KES 7.50 each, for a gross value of KES 15 billion. Applications exceeded supply by 454,598,686 shares.
Sokoni Retail Kenya Limited offered the shares, equal to half of Quick Mart’s issued share capital. No new shares were created for the IPO, leaving Quick Mart without proceeds. The company’s IPO FAQ estimates Sokoni’s net proceeds at KES 14.4 billion and says the seller will bear the offer costs. The FAQ says the sale allows Sokoni’s owners to realize part of their investment while widening Quick Mart’s shareholder base.
Demand varied among investor groups. Foreign investors applied for shares worth KES 3,576,020,250, or 298% of their initial pool. Applications from Kenyan and East African Community (EAC) retail investors reached KES 2,387,308,650, equal to 132.6% of their pool, while Kenyan and EAC institutions applied for KES 5,251,286,250, or 109.4%.
The allocation announcement says Kenyan and EAC institutional applicants received full allocations. Retail applicants also received full allocations, except for five founder-shareholder applications for 118,666,500 shares, which received none. Foreign investors received 236,003,847 of the 476,802,700 shares they applied for. Quick Mart says it ranks second in Kenya by number of stores and turnover.
Kenya Pipeline Company PLC said it listed on the Nairobi Securities Exchange on March 9 after its IPO. Bloomberg reported that Quick Mart was Kenya’s second IPO of 2026.
Qualified institutional investors must pay by Tuesday, Nov. 10. Transfers to successful applicants and refund processing are scheduled for Wednesday, Nov. 11. Trading is planned to begin Thursday, Nov. 12, subject to payment and settlement.
