Founders of Quick Mart Plc, Kenya’s second-largest supermarket chain, have seen their combined stake in the retailer rise to Ksh15.59 billion ($120 million), following its successful debut on the Nairobi Securities Exchange (NSE), as the supermarket chain’s initial public offering (IPO) attracted Ksh18.41 billion ($134 million) in investor applications, receiving more than 18,000 applications for the shares, which were offered at Ksh.7.5 ($0.05) each.

The retailer began trading on November 12, 2026, at Ksh8.9 ($0.06) per share, representing an 18.7% gain over its IPO price of Ksh7.5 ($0.05). The stock reached an intraday high of Ksh10 ($0.07) before closing at Ksh8.9 ($0.06), giving Quick Mart a market capitalisation of Ksh35.6 billion ($273.91 million).

The founders collectively own 43.8% of the company, comprising a 31.8% interest held by the Kinuthia family, which founded Quick Mart and holds Ksh11.32 billion ($87.1 million), and 12% held by the founders of Tumaini. The family’s stake includes the interests of the late John Kinuthia, his wife Zipporah Kinuthia and their son Duncan Kinuthia.

IPO exceeds target as Quick Mart lists on NSE

Quick Mart raised Ksh18.41 billion ($134 million) through the offering, exceeding its initial Ksh15 billion target by 22.7%. The IPO involved the sale of up to 50% of the retailer’s existing ordinary shares, providing partial liquidity to shareholders while broadening its ownership base.

The offering comprised two billion existing shares and attracted sufficient demand to be oversubscribed by 22.7%. The stock recorded trading volume of 9.68 million shares during its first session, making it the second-most actively traded counter on the exchange that day.

The International Finance Corporation (IFC), the World Bank Group’s private-sector investment arm, committed up to Ksh3.6 billion ($28 million) as an anchor investor. Its participation was intended to demonstrate institutional confidence in the retailer and encourage broader investor interest.

Adenia-backed retailer builds nationwide supermarket network

Established in 2006, Quick Mart has expanded from 25 stores across five counties to approximately 72 outlets in 16 counties by September 2026, establishing itself as Kenya’s second-largest modern grocery retailer by revenue and store count.

Its growth accelerated after Adenia Capital acquired a majority interest in the business in 2019, followed by its merger with Tumaini in 2020. The retailer operates hypermarkets, supermarkets and express outlets, serving mass-market consumers through a nationwide network.

Quick Mart operates an asset-light business model, leasing its stores and relying on direct supplier deliveries rather than maintaining large warehouse facilities. According to its environmental and social review, 31 outlets operate around the clock.

The company plans to open 55 additional stores by 2030, extending its presence across Kenya. The proposed listing is not expected to change its strategy, operations, outlook or executive management.

Founders and Adenia retain significant ownership

Before the IPO, Quick Mart was wholly owned by Sokoni Retail Kenya Limited, whose shareholders comprised Sokoni Retail Holdings Limited, controlled by Adenia Capital Fund IV, with 50.8%; the founders, with 43.8%; and group chief executive Peter Kang’iri, with 5.4%.

Adenia, a Mauritius-based private equity fund manager established in 2002, has raised approximately $1.1 billion across six funds and operates in seven African countries. It is an existing IFC client.

Following the offering, the sponsors are expected to retain approximately 50% of Quick Mart through Sokoni Retail Kenya. The IPO proceeds will be distributed among Adenia, the Quick Mart founders, the Tumaini founders and Kang’iri in proportion to their respective indirect shareholdings.

Beyond its investment, IFC will provide advisory support to strengthen Quick Mart’s environmental, social and governance disclosures, climate performance, supply-chain management, responsible sourcing, food safety and food-loss practices. The programme will also address resource efficiency and climate resilience among smallholder farmers and suppliers.