Key Takeaways
- • Adenia Partners completed a partial exit from Quick Mart PLC (Quickmart) through an oversubscribed offer for sale of 2 billion existing shares, representing 50% of the company, at KES 7.50 per share, raising KES 15 billion (approximately US$115.4 million) for selling shareholders.
- • The offer attracted 6,068 applications for approximately 2.45 billion shares worth KES 18.4 billion, exceeding the offer size by more than 20%, with the listing on the Nairobi Securities Exchange trading from the announcement date.
- • At the offer price, Quickmart's 4 billion shares imply a market capitalisation of KES 30 billion (approximately US$230.8 million).
- • Four international cornerstone investors participated: IFC, 337 Frontier, RWC Asset Management and Mobilist; Kenyan and East African retail and institutional investors received allocations in full, accounting for 45% of shares offered.
- • Adenia retains an indirect stake through Sokoni Retail Kenya Limited, which holds 50% of Quickmart, with Adenia's funds remaining invested.
Summary
Adenia Partners, an Africa-focused private markets investment firm, has completed the partial exit of its investment in Quick Mart PLC, Kenya's second-largest supermarket chain, following an oversubscribed KES 15 billion offer and the company's listing on the Nairobi Securities Exchange, according to a Business Wire release. The offer, made by Sokoni Retail Kenya Limited, comprised 2 billion existing shares, equal to 50% of Quickmart, priced at KES 7.50 per share.
The offer drew 6,068 applications for approximately 2.45 billion shares, worth KES 18.4 billion, exceeding the offer size by more than 20%. Demand came from local and international investors, including cornerstone investors IFC, 337 Frontier, RWC Asset Management and Mobilist. Kenyan and East African retail and institutional investors received their allocations in full.
Adenia first invested in Tumaini in 2018 and supported its 2019 merger with Quickmart, when the two chains operated a combined 19 stores. Quickmart now operates 72 stores across 16 Kenyan counties and processes approximately five million customer transactions monthly. The company reported FY2025 revenue of US$389 million, up from US$37 million in FY2018, and its workforce stood at 7,974 as of 30 June 2026. The Q-Points loyalty programme has close to 2.5 million members who account for about 74% of monthly sales.
Following the transaction, Sokoni Retail Kenya Limited, whose shareholders include Adenia, Quickmart's founders and the Group CEO, retains a 50% stake in Quickmart. Martha Osier, Partner at Adenia and Quickmart board member, said the listing enables Adenia to realise part of its investment while remaining a significant shareholder.
Adenia also highlighted operational metrics in the release, including women holding about 29% of store manager positions at 30 June 2026, an Environmental and Social Management System rating improved to 92% in FY2025 from 4% at acquisition, and tax contributions rising to KES 2.9 billion in FY2025 from about KES 395 million in FY2020. Adenia, founded in 2002, says it has raised over US$1 billion across six funds and co-investments.
The offer drew 6,068 applications for approximately 2.45 billion shares, worth KES 18.4 billion, exceeding the offer size by more than 20%. Demand came from local and international investors, including cornerstone investors IFC, 337 Frontier, RWC Asset Management and Mobilist. Kenyan and East African retail and institutional investors received their allocations in full.
Adenia first invested in Tumaini in 2018 and supported its 2019 merger with Quickmart, when the two chains operated a combined 19 stores. Quickmart now operates 72 stores across 16 Kenyan counties and processes approximately five million customer transactions monthly. The company reported FY2025 revenue of US$389 million, up from US$37 million in FY2018, and its workforce stood at 7,974 as of 30 June 2026. The Q-Points loyalty programme has close to 2.5 million members who account for about 74% of monthly sales.
Following the transaction, Sokoni Retail Kenya Limited, whose shareholders include Adenia, Quickmart's founders and the Group CEO, retains a 50% stake in Quickmart. Martha Osier, Partner at Adenia and Quickmart board member, said the listing enables Adenia to realise part of its investment while remaining a significant shareholder.
Adenia also highlighted operational metrics in the release, including women holding about 29% of store manager positions at 30 June 2026, an Environmental and Social Management System rating improved to 92% in FY2025 from 4% at acquisition, and tax contributions rising to KES 2.9 billion in FY2025 from about KES 395 million in FY2020. Adenia, founded in 2002, says it has raised over US$1 billion across six funds and co-investments.
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