Kenyan retailer Quickmart, backed by Mauritius-based private equity firm Adenia Partners, plans to list its shares on the Main Investment Market Segment of the Nairobi Securities Exchange, giving the retailer a public-market presence after seven years under Adenia Partners. The proposed offering would also broaden ownership of one of Kenya’s largest homegrown grocery businesses.

Quickmart has expanded from 25 stores when Adenia invested in 2019 to 72 outlets across 16 counties, serving about 5 million customer transactions a month and employing more than 8,000 people. The retailer ranks second in Kenya by store count and turnover, with an estimated 15% share of the modern grocery market.

Public ownership takes shape

The listing would see Sokoni Retail Kenya Ltd., the investment vehicle that currently owns Quickmart, offer 50% of the retailer’s shares to public investors. If demand is strong, shareholders could sell an additional amount equal to as much as 15% of the initial offer, leaving Sokoni with about 42.5%.

Adenia invested in Quickmart in 2019 and combined it with Tumaini Self Service, which the private-equity firm acquired the previous year. Quickmart traces its roots to Nakuru, where John Kinuthia and his son Duncan founded the business in 2006. Tumaini was established separately in Nairobi’s Eastlands the same year.

Sales growth backs expansion

The merger took effect in 2020 and provided the platform for Quickmart’s national expansion. Revenue rose from KSh 25.68 billion ($198.4 million) in 2021 to Ksh 50.43 billion ($389.6 million) in fiscal 2025, while net profit climbed from KSh 182.6 million ($1.4 million) to Ksh1.51 billion ($11.66 million).

The retailer maintained that growth in the first half of 2026, generating KSh 27.27 billion ($210.7 million) in revenue and Ksh 872.8 million ($6.74 million) in net profit. Quickmart projects full-year 2026 revenue of KSh 58.20 billion ($449.7 million) and profit after tax of Ksh 2.10 billion ($16.22 million).

Those forecasts rise to KSh 67.44 billion ($520.96 million) in revenue and Ksh 2.85 ($22 million) in profit after tax in 2027. Quickmart plans to add 10 to 15 stores a year, relying mainly on internally generated cash rather than proceeds from the planned share sale to finance the expansion.

Adenia keeps a major stake

“The proposed listing represents a natural next step in that journey,” Martha Osier, a partner at Adenia Partners, said. She said the offer would create a public free float and allow Kenyan and other eligible investors to participate, while the existing shareholder group intends to retain a substantial stake after the transaction.

Adenia, founded in 2002 and based in Mauritius, has raised more than $1 billion through six funds and co-investments. The firm says it has completed more than 35 platform investments and more than 20 exits, investing across Africa through teams on the continent and focusing on business growth and responsible investment.