The owners of Kenya’s second-largest supermarket chain, Quickmart, are offering investors up to 57.5% of the business through a listing on the Nairobi Securities Exchange (NSE).
This move comes as Quickmart has expanded into the market space vacated by collapsed domestic rivals and exiting foreign retailers.
Quickmart owners plan to sell up to 57.5% of Kenya’s second-largest supermarket chain through an NSE listing. The share sale will benefit existing shareholders, including Adenia Partners, rather than provide new capital to Quickmart. Quickmart generated $389 million in revenue in 2025 and now operates 72 stores across 16 Kenyan counties.
Sokoni Retail Kenya Limited, the current owner of Quickmart, intends to sell two billion existing shares, representing 50% of the company. An additional 300 million shares may be offered if demand is high, increasing the stake to 57.5%.
The transaction is subject to approval from Kenya’s Capital Markets Authority and the Nairobi Securities Exchange. The share price and Quickmart’s valuation have not yet been disclosed.
Existing owners take the money
Unlike a typical public offering aimed at raising capital for expansion, Quickmart will not issue new shares or receive proceeds from this transaction. The funds will go to existing shareholders, including the private-equity firm Adenia Partners, the founders of Quickmart and Tumaini Supermarket, and management.
Without the over-allotment option, Sokoni Retail Kenya will retain approximately 50% of Quickmart. This stake would decrease to about 42.5% if the full over-allotment is exercised. Adenia Partners stated that the existing shareholder group intends to "retain a substantial interest in the Company following the Offer."
This structure allows Adenia and other shareholders a partial exit while enabling them to continue participating in Quickmart's future growth.
Nearly $400 million in annual sales
In 2025, Quickmart reported revenue of approximately $389 million (KSh50.4 billion) and an adjusted profit after tax of $13.1 million (KSh1.7 billion). For the first six months of 2026, the company generated $211 million (KSh27.3 billion) in revenue.
Quickmart operates 72 supermarkets across 16 Kenyan counties, processes about five million customer transactions monthly, and employs over 8,000 people. The company plans to open 10 to 15 new stores annually, aiming for a network of over 100 outlets. Future expansion will be funded primarily through internally generated cash.
Following the listing, Quickmart's board intends to target a dividend payout of at least 80% of annual profit after tax, subject to financial performance, investment needs, and board approval.
Chief Executive Peter Kang’iri stated that the listing "will give Kenyans the opportunity to own a share of a business they already shop in."
Growing from the ruins of former market leaders
Quickmart began as a family-owned supermarket in Nakuru in 2006. Adenia Partners invested in Tumaini in 2018 and Quickmart the following year, eventually merging the businesses under the Quickmart brand.
This period coincided with significant turmoil in Kenya's retail sector. Nakumatt, once the country's largest supermarket chain, collapsed due to heavy debt. Tuskys faced a similar decline, and Uchumi struggled for years.
Foreign retailers also found the Kenyan market challenging. South Africa's Shoprite and Massmart-owned Game eventually withdrew, though France's Carrefour expanded through its local partner.
Quickmart capitalized on this disruption, growing from approximately 24 stores after the merger to its current 72 outlets. It is now the country's second-largest modern supermarket, behind Naivas and ahead of Carrefour and Chandarana.
If listed, Quickmart would be only the second supermarket traded on the Nairobi exchange, alongside the struggling Uchumi. This listing also represents an uncommon exit strategy for African private equity, as fund managers on the continent typically sell to other funds or strategic investors due to limited liquidity on many African stock exchanges.
