Quickmart shares gained 19 per cent on their first day of trading on the Nairobi Securities Exchange (NSE), after an initial public offering (IPO) that raised Sh15 billion.
The stock, priced at Sh7.50 in the IPO, closed on Thursday at an average price of Sh8.90. With four billion shares listed, the retailer's market valuation rose from Sh30 billion to Sh35.6 billion on the day.
At that valuation, Quickmart became the 19th largest company at the NSE by market capitalisation, a measure of the investor wealth held in a firm.
"The rally on listing signalled that there was demand for the shares carrying over from the IPO," said Wesley Manambo, a senior research associate at Standard Investment Bank.
Quickmart founders Duncan Kinuthia (left) and Tumaini Supermarket founder Moses Nditika during the launch of the firm's Initial Public Offering (IPO) on October 6, 2026.
Photo credit: Francis Nderitu | Nation Media Group
The IPO attracted 18,492 applications for 2.45 billion shares, an oversubscription of 22.7 per cent on the two billion shares, or 50 per cent stake, offered for sale by the company's founders and private equity fund Adenia Partners.
Who bought, and who gained
Kenyan and East African Community (EAC) retail investors took up a 5 per cent stake in the retailer, equivalent to 177.1 million shares. Their collective holding gained Sh247.9 million in value to Sh1.58 billion after the first day of trading.
Institutional investors from Kenya and the region took up a 17.5 per cent stake, or 723.5 million shares. They gained Sh1.02 billion, bringing their holding to Sh6.44 billion.
Foreign investors bought 1.1 billion shares in the offer, equivalent to a 27.5 per cent stake. They included four anchor investors who backed the offer, led by the World Bank's International Finance Corporation (IFC), with a 6.45 per cent holding equivalent to 258 million shares.
The other key buyers were UK government-backed fund MOBILIST with 173.3 million shares (4.3 per cent), US-based investment firm 337 Frontier with 259.7 million shares (6.5 per cent) and UK fund manager RWC LLC with 173.15 million shares (4.32 per cent).
The four anchor investors together booked a Sh1.2 billion gain, and their holdings were valued at Sh7.7 billion at the close of trading.
NSE boss Frank Mwiti (right) with Quickmart founders Duncan Kinuthia (left) and his mother Zipporah Kinuthia during the launch of the firm's Initial Public Offering (IPO) on October 6, 2026.
Photo credit: Francis Nderitu | Nation Media Group
Adenia and the founders of Quickmart and Tumaini Supermarket were the biggest winners of Thursday's price gain. They collectively hold two billion shares through an investment vehicle, Sokoni Retail Kenya Limited, which also houses the shares of Quickmart chief executive Peter Kang'iri.
Adenia acquired a 55 per cent majority stake in Tumaini Supermarket in 2018 and a 51 per cent stake in Quickmart in 2019, then merged the two businesses under the Quickmart brand in January 2020.
The Mauritius-based private equity fund and its co-investors have an effective stake of 25.4 per cent, or 1.02 billion shares, in Quickmart at listing. The value of that holding rose by Sh1.42 billion to Sh9.04 billion on Thursday.
The family of Quickmart founder, the late John Kinuthia, saw its 638 million shares, a 16 per cent stake, rise by Sh893.2 million in value to Sh5.68 billion. The Tumaini founders' stake appreciated by Sh336 million to Sh2.14 billion.
Mr Kang'iri, who sold half of his shares in the IPO and holds 2.7 per cent, booked a paper gain of Sh151.2 million on Thursday, valuing his holding at Sh961.2 million.
Quickmart's offer was the second at the NSE this year, after the Kenya Pipeline Company (KPC) IPO in March, which raised Sh106 billion for the government. Family Bank Limited also listed by introduction in June at Sh18 a share.
