Quickmart IPO Attracts Sh7.12 Billion Investor Commitments

Quickmart PLC has secured Sh7.12 billion in investor commitments for its IPO, representing 47.5% of the Sh15 billion offer. MOBILIST, RWC Asset Management LLP, and 337 Frontier Capital have each committed Sh5.18 billion, Sh1.3 billion, and Sh1.94 billion respectively. The International Finance Corporation (IFC) has also pledged up to Sh1.94 billion conditionally.

Quickmart has accepted these applications and will issue two billion shares, equivalent to 50% of its issued share capital, at Sh7.50 per share. The proceeds will be used by Sokoni Retail Kenya Limited, the retailer's selling shareholder. The IPO aims to offer Kenyan and regional investors a chance to invest alongside international institutions.

Quickmart operates 72 stores in 16 counties and generated Sh50.4 billion in revenue last year. The company intends to expand through new stores and improved efficiency. Kenyan and East African retail investors will receive 12% of the shares, with regional institutional investors allocated 32%, foreign investors 8%, and cornerstone investors the remaining 48%.

The offer closes on October 30, with results expected on November 6, and trading in Quickmart shares commencing on November 12. Investors are advised to review the provided memoranda before investing.