- The UK's FCDO, through its MOBILIST programme, committed KSh 1.94 billion to QuickMart's upcoming NSE listing
- The subscription accounts for approximately 13% of QuickMart's KSh 15 billion Initial Public Offering
- The move follows a separate conditional cornerstone commitment of up to KSh 1.94 billion from the IFC, pending board approval
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Elijah Ntongai is an experienced editor at TUKO.co.ke, with more than four years in financial, business, labour and technology research and reporting. His work provides valuable insights into Kenyan, African, and global trends.
The United Kingdom's Foreign, Commonwealth & Development Office (FCDO) has committed KSh 1.94 billion (US$15 million) to the Initial Public Offering of QuickMart PLC, ahead of the Kenyan retailer's planned listing on the Nairobi Securities Exchange (NSE).
Source: Twitter
The investment was made through MOBILIST, the FCDO's market development programme, and was announced in Nairobi on October 21, 2026.
At the Kenya shilling equivalent, the subscription represents roughly 13% of QuickMart's KSh 15 billion offer, with share allotment to be finalised in line with the offer's terms.
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MOBILIST's Role in Kenya's Capital Markets
The subscription deepens MOBILIST's existing partnership with the NSE, which has already supported two exchange listings in 2026 with the aim of broadening participation among both domestic and international institutional investors.
The announcement comes after the International Finance Corporation (IFC), the private sector arm of the World Bank, disclosed a separate conditional cornerstone commitment to acquire up to US$15 million (KSh 1.94 billion) in QuickMart offer shares.
That commitment remains contingent on approval by the IFC's board.
QuickMart's Financial Standing
QuickMart currently operates 72 stores spread across 16 counties and posted revenue of KSh 50.4 billion in the financial year ending 2025.
The company's growth blueprint centres on expanding its store footprint, driving higher sales through its existing outlets, scaling digital channels, and improving operational efficiency.
QuickMart has indicated that organic growth will be funded primarily through internally generated cash flows rather than debt.
The retailer's proposed NSE listing positions it as one of the more significant additions to Kenya's public equities market in recent years, drawing attention from multilateral finance institutions and bilateral development partners alike.
World Bank takes up stake in QuickMart
Earlier on TUKO.co.ke, the International Finance Corporation (IFC), the World Bank’s private investment arm, is acquiring a 6.5% stake in Kenyan supermarket chain Quickmart for KSh 1.94 billion through the retailer’s KSh 15 billion initial public offering (IPO).
The investment will give IFC 258.67 million shares, representing approximately 13% of the shares on offer, and marks its return to Kenya’s supermarket sector four years after exiting a 31.5% stake in rival retailer Naivas.
Source: Facebook
Quickmart, valued at KSh 30 billion, paid shareholders KSh 1.65 billion in dividends in its most recent financial year and has committed to distributing at least 80% of annual earnings to shareholders going forward.
IFC is also investing KSh 11.7 billion in Airtel Money’s planned London Stock Exchange IPO, as the institution expands its participation in major African equity offerings amid persistent investment challenges in Kenya, including high electricity costs, governance concerns and limited access to credit.
Source: TUKO.co.ke