Adenia Partners, an Africa-focused private equity firm, has completed a partial exit from Quickmart, Kenya’s second-largest supermarket chain, following an oversubscribed Ksh 15 billion ($115.4 million) share offer and the retailer’s listing on the Nairobi Securities Exchange. Quickmart shares began trading Nov. 12, marking a major milestone for the private equity firm’s investment.

The offer, made through Sokoni Retail Kenya Ltd., comprised 2 billion existing shares, representing 50% of Quickmart. Because the transaction involved a sale by existing shareholders, proceeds went to the sellers rather than the supermarket chain. At the offer price, Quickmart’s 4 billion shares imply a market capitalization of Ksh 30 billion ($231 million).

Strong investor demand

The IPO attracted 6,068 applications for approximately 2.45 billion shares valued at Ksh 18.4 billion ($141.6 million), exceeding the shares on offer by 22.7%. Investors included four international cornerstone participants: the International Finance Corp., 337 Frontier, RWC Asset Management and Mobilist.

Kenyan and East African retail and institutional investors received their allocations in full, accounting for 45% of the shares offered. The broad demand gave Quickmart access to public-market investors while allowing Adenia and its co-shareholders to retain exposure to the retailer’s future performance.

Following the listing, Sokoni Retail Kenya, whose shareholders include Adenia, Quickmart’s founders and the group’s CEO, retains a 50% stake in the supermarket chain. Adenia’s funds remain invested, leaving the firm with a continuing interest in the business after selling part of its holding.

From 19 to 72 stores

Adenia first invested in supermarket chain Tumaini in 2018 and backed its merger with Quickmart a year later. The combined business operated 19 stores at the time. Quickmart has since expanded to 72 outlets across 16 Kenyan counties and now handles about five million customer transactions monthly.

The retailer generated $388 million in revenue in the 2025 financial year and a further $210 million in the six months ended June 2026, underscoring the scale of the business Adenia helped build. The Nairobi listing gives investors a publicly traded stake in one of Kenya’s largest supermarket operators and provides an exit route for shareholders seeking to monetize part of their investment.

“This is a proud moment for Adenia, and a pivotal milestone in Quickmart’s development,” said Martha Osier, an Adenia partner and Quickmart board member. She said the firm had worked with the founders and management team since 2018 to expand the retailer and establish its position in Kenya’s supermarket industry.

Adenia keeps its stake

Osier said the listing allows Adenia to realize part of its investment while remaining a significant shareholder. The firm plans to continue supporting Quickmart as it enters its next phase of development, according to her remarks.

Founded in 2002 and based in Mauritius, Adenia has raised more than $1 billion across six funds and co-investments. The firm says it has completed more than 35 platform investments and over 20 exits, backing companies across Africa through teams operating on the continent.