The Foreign, Commonwealth & Development Office (FCDO), an investment arm of the United Kingdom’s (UK) government, has committed $15 million to the initial public offering (IPO) of one of Kenya’s largest retail chains, Quick Mart.
Reports show that the FCDO, via its MOBILIST programme, recently acquired approximately 13% of the Kenyan supermarket chain, Quick Mart, to the tune of US$15 million (KES 1.94 billion).
“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,” Peter Kang’iri, Group Chief Executive Officer of QuickMart, stated.
“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,” he added.
The latest investment follows MOBILIST’s 2024 collaboration with the Nairobi Securities Exchange, which aimed to widen access to listed investment opportunities that support economic development.
The partnership also seeks to encourage more Kenyan institutions, particularly pension funds, to participate in the country’s capital markets, as seen on AfricaBusinessCommunities.
Quickmart’s IPO will put two billion existing ordinary shares on offer, equivalent to half of the retailer’s issued share capital.
It is selling the shares at KES 7.50 apiece through the NSE, allowing members of the public to buy into one of Kenya’s major retail chains.
The offer is due to close on 30 October 2026, while trading is expected to commence on the Nairobi Securities Exchange on 12 November 2026.
Both dates remain subject to the offer’s terms and any official revisions to the schedule.
Outside of the UK government’s investment, the Kenyan supermarket has also drawn in a subscription from the International Finance Corporation’s (IFC) of US$15 million.