Some of the founding shareholders of Quickmart Supermarket have missed an opportunity to increase their ownership in the retail chain after their applications to purchase additional shares were rejected following strong demand for the company’s initial public offering (IPO).
The founders had applied to acquire 118.6 million additional shares valued at Sh889.9 million. However, the retailer declined their applications after the IPO attracted more investors than the available shares could accommodate. According to the IPO allocation results, five applications were submitted by existing founder shareholders seeking to increase their stakes in the supermarket chain. Quickmart did not identify the individuals behind the applications.
The IPO offered two billion shares at Sh7.50 each but attracted applications for approximately 2.45 billion shares, representing demand that exceeded the available shares by about 454.6 million. Given the offer was oversubscribed, no offer shares have been allocated to the founder shareholders who applied for the offer.
Quickmart’s founders include Duncan Kinuthia, Gladys Kinuthia, Elijah Okello, Moses Nditika, Joram Njoga, Zipporah Kinuthia and William Kinuthia. It remains unclear which five shareholders sought to increase their ownership.
The development comes as the supermarket’s largest shareholder, private equity firm Adenia Partners, moves to sell part of its investment through the IPO. The transaction was expected to allow existing investors to realise gains while bringing new shareholders into the business.
Adenia holds an effective 48.6 per cent stake in Quickmart through Sokoni Retail Kenya Limited, the investment vehicle that also represents other original shareholders. Meanwhile, the retailer’s Chief Executive Officer, Peter Kang’iri, submitted an application to purchase additional shares. His application was successful, alongside those of other regional individual investors. Kang’iri previously held a 5.4 per cent stake in the company.
International investors, including the International Finance Corporation (IFC) and UK-backed Mobilist, also accepted reduced allocations to accommodate more Kenyan and East African investors. Quickmart’s original shareholders are expected to receive gross proceeds of approximately Sh15 billion from the IPO while retaining a combined 50 per cent ownership in the business. The supermarket is scheduled to begin trading on the Nairobi Securities Exchange (NSE) on November 12, marking its entry into the listed retail market.
The company recorded a net profit of Sh1.5 billion in 2025 and plans to distribute 80 per cent of its future net profits as dividends.