Quickmart IPO: Adenia and Founders to Earn Billions in Sh15 Billion Share Sale
Share holders of Sokoni Retail Kenya Limited (SRKL) are offloading 2 billion shares at Sh7.50 a share up till October 31st, thus opening a multi-billlion-shilling partial exit route for private equity firm Adenia and Quickmart's founding families.
Ownership Structure and IPO Details
SRKL which is currently owned by Adenia, the equity firm holds a 50.79 percent stake, the family of late Quickmart founder John Kinuthia are in possesion of 31.83 percent, Tumaini Supermarket founders hold 12.02 percent, and the retail chain CEO Peter Kang'iri has a 5.36 percent stake. In its first public offering( IPO) all shareholders are ceding half their ownership.
At the time of the IPO, Adenia's increased their grip on Quickmart's worth, which the equity firm first acquired back in 2018 after purchasing Tumaini Supermarket and then in 2019 buying out Quickmart, & while merging the two in 2020.
What the Stakeholders are laughing all the way to the bank
Windfall for Key Stakeholders
| Shareholder | Shares Sold | Proceeds (KES) |
|---|---|---|
| Adenia | 1.06 billion | 7.62 billion |
| CEO Peter Kang'iri | 107.1 million | 803.3 million |
| Kinuthia Family (combined) | 635 million | 4.77 billion |
| Duncan Kinuthia | 414.6 million | 3.1 billion |
| Gladys Wambui Kinuthia | 95.75 million | 718.2 million |
| Zipporah Kinuthia | 31.55 million | 473.4 million |
| William Gitau Kinuthia | 31.55 million | 473.4 million |
| Tumaini Founders (combined) | — | 1.8 billion |
What this means for the Market
The sale is expected to be a big deal for the Nairobi Securities Exchange (NSE), as it finally brings to an end a listing drought that had lasted for years, ever since Kenya Pipeline Company IPO & Family Bank's move to list via the backdoor. The offering gives investors even more options in the market which was previously dominated by just five counters - Safaricom, Equity Bank, KCB, EABL, and Co-operative Bank.
Martha Osier from Adenia admitted: "The offer marks the next chapter in that journey by opening up ownership to a lot more people and leting Kenyan and other eligible investors to get in on the ground floor & be part of Quickmart's future plans." "The existing shareholder group will still be very much in it, & they will retain a significant interest following the offer, & that just goes to show we're still very confident in the company"
About the Company Performance
Quickmart - Kenya's second biggest retail chain after Naivas with a market share of approximately 15% - have 72 stores spread across 16 counties. The company have reported a 33 percent jump in net profit to Sh1.51 billion for the year ending December 2025 and with sales rising 9.3 percent to Sh50.43 billion.
Who gets to take part in the offering
Kenyan institutional investors have 35 percent of the IPO shares, followed by retail and offering investors from Kenya at 20 percent each, and then East African Community investors who take up 12 percent allocation.
Quickmart will become the second listed retailer on the NSE, following Uchumi Supermarket who went public back in 1992. Shareholders have agreed on a 24 month lock-in period for at least 60 percent of the remaining shares that will come out following the offering.
