The Short Answer
Quick Mart PLC is listing on the NSE via an offer for sale: Sokoni Retail Kenya Limited is selling 2.0 billion existing shares (50% of the company) at KES 7.50, for a KES 15.0 billion offer and an implied equity value of KES 30.0 billion. The company itself raises KES 0 — this is a sponsor exit, not a primary capital raise. At the offer price, management’s FY2026 adjusted figures imply roughly 13× forward P/E, about 5.7× forward EV/EBITDA, and a ~6.7% gross dividend yield if the targeted payout is delivered. Independent analysts have published fair-value estimates below the KES 30 billion offer value, so treat the forward story as a projection, not a fact.
Figures below are drawn from the Information Memorandum dated 2 October 2026, the offer announcement, and publicly reported secondary commentary. Not investment advice.
What Is Actually Being Sold
| Item | Detail | Source |
|---|---|---|
| Issuer | Quick Mart PLC | IM |
| Structure | Offer for sale of existing shares | IM / CMA–NSE approvals |
| Selling shareholder | Sokoni Retail Kenya Limited (Adenia Partners) | IM |
| Offer shares | 2,000,000,000 (50% of issued capital) | Offer announcement |
| Issued shares | 4,000,000,000 ordinary shares | Offer announcement |
| Offer price | KES 7.50 per share | IM |
| Gross offer size | KES 15.0 billion | 2.0B × 7.50 |
| Implied market cap | KES 30.0 billion | 4.0B × 7.50 |
| Cash to Quickmart PLC | KES 0 | Pure secondary sale |
| Minimum application | 500 shares (KES 3,750), then multiples of 100 | Offer announcement |
| Cornerstone | IFC up to USD 15 million (~KES 1.94B), subject to IFC board approval | Offer announcement |
| Minimum success | 75% of offer shares (1.5B shares / KES 11.25B) | Offer announcement |
| Retail close | 30 October 2026, 5:00 PM EAT | Offer announcement |
| Expected listing | 12 November 2026 (MIMS) | Offer announcement |
Currency note: all “billions” above are Kenya shillings. Do not read “KES 30B” as “USD 30 billion”.
Offer Timetable (Retail)
| Date | Event |
|---|---|
| 5 Oct 2026 | Offer opens |
| 30 Oct 2026 | Offer closes (retail payment deadline) |
| 6 Nov 2026 | Results / allocation notification |
| 11 Nov 2026 | CDS credit; refunds begin if applicable |
| 12 Nov 2026 | Expected first trading day |
If valid subscriptions miss the 75% threshold, the offer fails and refunds are processed without interest (per the offer documents).
Valuation Multiples at KES 7.50
The IM’s offer-price materials use management adjusted earnings. Using equity value V = \text{KES } 30.0\text{B}:
Trailing vs forward P/E
\text{Trailing adj. P/E} = \frac{30{,}000}{1{,}705} \approx \mathbf{17.6x} \quad (\text{FY2025 adj. net income, KES millions})
\text{Forward adj. P/E} = \frac{30{,}000}{2{,}317} \approx \mathbf{12.9x} \quad (\text{FY2026 projected adj. net income})
Weight the trailing multiple more heavily: forward earnings are management projections, not audited results.
EV / EBITDA (illustrative)
With net debt / lease-heavy liabilities of about KES 7.27B as disclosed around mid-2026 in the IM materials:
EV \approx 30.0\text{B} + 7.27\text{B} = 37.27\text{B}
\text{Forward EV / adj. EBITDA} \approx \frac{37.27\text{B}}{6.585\text{B}} \approx \mathbf{5.7x}
Dividend yield (if the policy is delivered)
Management targets roughly 80%+ of annual profit after tax as dividends. A stylised KES 2.0B FY2026 distribution on 4.0B shares is KES 0.50 DPS:
\text{Gross yield} = \frac{0.50}{7.50} = \mathbf{6.67\%}
Resident dividend WHT is generally 5%, so net yield \approx 6.67\% \times 0.95 = \mathbf{6.33\%} — only if the board declares that dividend. Policy is not a guarantee.
Independent fair-value caution
Public commentary after the IM (e.g. Investia Africa, reported mid/late October 2026) has put fair value in a band roughly KES 21–25 billion, below the KES 30 billion offer valuation. That does not make the IPO “wrong”; it means the market may open with price discovery, not a free lunch.
Growth Snapshot (from IM trajectory)
| Metric | FY2021 | FY2025 | Comment |
|---|---|---|---|
| Revenue (KES bn) | ~25.7 | ~50.4 | Strong top-line growth |
| Adjusted EBITDA margin | ~10% | ~10.6% | Modest expansion |
| Store count | 45 | 64 (72 reported later in 2026) | Format mix: hyper / super / express |
| Net income | Much lower | Sharply higher | Profit CAGR far above revenue CAGR |
Kenya has a history of supermarket failures (Nakumatt, Tuskys, Uchumi). The IM argues Quickmart’s mitigants include professionalised PE governance, leased (asset-light) stores, and a working-capital model that keeps inventory days below supplier payment days. Those are management claims in a selling document — useful context, not proof that retail risk is gone.
Worked Example: KES 10,000 Application
Rules: minimum 500 shares; thereafter multiples of 100.
- Shares you can buy:
\lfloor 10{,}000 / 7.50 \rfloor = 1{,}333, rounded down to a 100-share multiple → 1,300 shares. - Cash applied to shares:
1{,}300 \times 7.50 = \mathbf{KES\ 9{,}750}. - Unapplied cash: KES 250 (refunded if not allotted).
Year-1 scenarios (illustrative only)
Assumptions are labelled; none are forecasts.
| Case | Allotment | Price move | DPS | Rough year-1 outcome on KES 10,000 |
|---|---|---|---|---|
| Soft | 100% (1,300 sh) | −2% | KES 0.30 | Small positive if dividend offsets price dip |
| Base | 100% | +8% | KES 0.50 | Mid-teens total return if both hit |
| Hot IPO | ~70% allotment | +18% | KES 0.60 | High headline %, but more cash sits in refund/MMF |
Oversubscription cuts shares allotted and leaves more cash idle. No price stabilisation agent is a material listing-volatility point in secondary sales of this type.
Retail Investor Checklist
- Horizon — Are you buying for multi-year dividends, or hoping for a listing pop? Secondary sales can be volatile on day one.
- Size — Cap any single IPO at a small slice of liquid net worth (many planners use under 5–10%).
- Channel — Offer channels published for this IPO include USSD
*483*803#(limits apply) and the web portalquickmartipo.e-offer.appwith a CDS account. - Failure mode — Below 75% subscription, expect a full refund without interest.
- Read the IM — Risk factors, related-party history, lease liabilities, and dividend caveats live in the full memorandum, not in this summary.
How This Fits With Other Cash Products
If you are comparing idle cash options while you wait for allotment or refunds, see our note on Money Market Funds vs Treasury Bills after tax. An uninvested refund earning ~8–9% net in an MMF is still better than earning 0% in a current account — but it is not the same decision as owning Quickmart equity.
Sources
- Quick Mart PLC Information Memorandum, 2 October 2026 — ipo.quickmart.co.ke
- Quick Mart PLC public offer announcement (timetable, IFC cornerstone, 75% condition)
- Offer price valuation parameters circular (Stanbic / SBG Securities, Sept–Oct 2026)
- Secondary press on independent fair-value estimates below KES 30B offer value (e.g. Capital FM / Investia Africa, Oct 2026)
Educational summary of public offer documents. Not a recommendation to buy or sell Quickmart shares. CMA/NSE approval is not an endorsement of merits.