Adenia Partners Completes Partial Exit from Quickmart via Oversubscribed KES 15B Nairobi IPO

NAIROBI - Africa-focused private markets investment firm Adenia Partners has completed the partial exit of its investment in Quick Mart PLC (Quickmart), Kenya's second-largest supermarket chain, following an oversubscribed KES 15 billion ($115.4 million) public share sale and listing on the Main Investment Market Segment of the Nairobi Securities Exchange (NSE) under the ticker QMRT.

Executed via selling shareholder Sokoni Retail Kenya Limited, the secondary offering comprised 2 billion existing ordinary shares, representing 50% of Quickmart's issued share capital, priced at KES 7.50 per share. At the offer price, Quickmart's 4 billion total issued shares imply an equity valuation of KES 30 billion ($230.8 million). Following the listing, Sokoni Retail Kenya Limited, whose shareholders include Adenia, Quickmart's founders, and the Group CEO, retains a 50% ownership stake.

Offer Allocation & Investor Demand

The secondary share sale attracted KES 18.4 billion in applications for approximately 2.45 billion shares, exceeding the KES 15 billion offer size by over 20%:

• Cornerstone Anchors: Supported by four international cornerstone investors: the International Finance Corporation (IFC), 337 Frontier, RWC Asset Management, and Mobilist.
• Regional Participation: Kenyan and East African institutional and retail investors received 100% of their requested allocations, accounting for 45% of the total shares offered.
• Balance Sheet Impact: Because the transaction was structured purely as an offer for sale by existing shareholders, Quickmart issued no new shares and will continue funding store expansion through internally generated cash flows.

Operational Transformation Under Adenia Stewardship

Since initially investing in Tumaini in 2018 and orchestrating its 2019 merger with Quickmart, Adenia has overseen an expansion from a combined 19 stores to 72 stores across 16 Kenyan counties:

• Financial & Retail Scale: Annual revenue expanded 10.5x from $37 million in FY2018 to $389 million (KES 50.4 billion) in FY2025, processing roughly five million monthly customer transactions.
• Omnichannel & Loyalty Ecosystem: Launched the Q-Points loyalty program in 2021, reaching nearly 2.5 million members who generate 74% of monthly sales, alongside digital ordering via the QSOKO app and delivery integrations with Glovo, Uber Eats, and Bolt.
• Workforce & Leadership: Total headcount more than tripled to 7,974 employees by June 30, 2026, with 147 of 148 supervisory and management roles filled internally through the Quickmart Retail Academy. Women represent 40% of the workforce and hold 29% of store manager roles, up from 3% in 2020.
• ESG & Fiscal Footprint: Annual tax contributions rose from KES 395 million in FY2020 to KES 2.9 billion in FY2025. Quickmart elevated its IFC Performance Standards rating from 4% at acquisition to 92% in FY2025, commissioning a 380 kWp rooftop solar array at its Nyali branch in February 2026 and operating an electric motorcycle charging hub with Roam.

Executive Commentary

"This is a proud moment for Adenia, and a pivotal milestone in Quickmart's development. Since our initial investment in 2018, we have worked closely with the founders and management team to build one of Kenya's leading supermarket chains. The growth of the business is testament to our vision, and the commitment and hard work of all the Company's employees. The successful listing enables us to realise part of our investment while remaining a significant shareholder in a business with tremendous opportunities ahead. We look forward to supporting Quickmart as it enters the next exciting phase of its growth."
— Martha Osier, Partner at Adenia Partners and Quickmart Board Member

Transaction Advisory

• Selling Shareholder: Sokoni Retail Kenya Limited (Adenia Partners, Quickmart Founders, and Group CEO).
• Target Company: Quick Mart PLC (Listed on the Nairobi Securities Exchange; Ticker: QMRT).
• Cornerstone Investors: International Finance Corporation (IFC), 337 Frontier, RWC Asset Management, Mobilist.

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