NAIROBI, Kenya, October 21 – Quickmart Supermarket has been valued at between Sh21.1 billion and Sh24.9 billion by investment analysis firm Investia Africa, below the Sh30 billion valuation implied by its planned initial public offering (IPO) on the Nairobi Securities Exchange (NSE).
The valuation raises questions about the Sh7.50 offer price for the supermarket chain, which is seeking to sell 50 percent of its issued shares ahead of its planned November 12 listing.
In its analysis of Quickmart’s Information Memorandum, Invhestia Africa said the retailer’s revenue had nearly doubled between 2021 and 2025, while net profit grew more than eightfold. However, it cautioned that the company’s financial performance should be assessed alongside its growth projections and future funding needs.
“Revenue has doubled since 2021, and profit has grown more than eightfold,” the analysis noted. “But a strong record doesn’t automatically mean a fair price.”
Quickmart’s revenue rose from Sh25.68 billion in 2021 to Sh50.43 billion in 2025, while net profit increased from Sh182.6 million to Sh1.51 billion over the same period.
The retailer operates 72 stores across 16 counties and is targeting between 10 and 15 new outlets annually. Invhestia Africa said investors should consider whether Quickmart can meet its projected earnings for the second half of 2026 while funding expansion and paying dividends.
The analysis also points to the implications of the shareholding structure after the IPO, including the proportion of shares held by Sokoni Retail Kenya Limited, Quickmart’s current sole shareholder, that may not be subject to restrictions on sale.
The offer involves the sale of two billion existing shares at Sh7.50 each, representing half of Quickmart’s issued share capital. As a result, the proceeds will go to Sokoni Retail Kenya Limited rather than the supermarket chain, which will not receive new capital from the transaction.
The offer opened on October 5 and is scheduled to close on October 30, with trading expected to begin on November 12, subject to regulatory requirements.
The proposed listing would give investors an opportunity to buy shares in one of Kenya’s major supermarket operators, as competition in the grocery sector continues and retailers expand their store networks.
