Britain’s MOBILIST programme has subscribed $15 million, about 1.94 billion Kenyan shillings, to the QuickMart IPO, the supermarket chain said on Wednesday, ahead of its planned listing on the Nairobi Securities Exchange.

The investment is equivalent to about 13% of the 15 billion shilling ($116 million) offer, QuickMart said in a statement. Share allotment will follow the terms of the offer.

MOBILIST is the flagship public-markets programme of the UK Foreign, Commonwealth & Development Office (FCDO).

IFC commitment still pending

The announcement follows a conditional cornerstone commitment from the International Finance Corporation (IFC), the World Bank’s private sector arm. The IFC said it would buy up to $15 million, or about 1.94 billion shillings, of offer shares.

That commitment remains subject to approval by the IFC’s board, QuickMart said.

A cornerstone investor agrees to buy a large block of shares before an offer closes. Such commitments are often read as a signal of demand to other investors.

“We welcome MOBILIST as an investment partner as we broaden QuickMart’s ownership,” Group Chief Executive Peter Kang’iri said in the statement.

“With MOBILIST’s support, our proposed listing will help to realise QuickMart’s ambition to create long-term shareholder value while expanding opportunities for our suppliers, creating jobs, impacting the economy, and bringing convenient, affordable shopping to more communities,” he said.

QuickMart IPO terms and timetable

The QuickMart IPO comprises 2 billion existing ordinary shares, representing 50% of the company’s issued share capital. Sokoni Retail Kenya Limited is selling the shares at 7.50 shillings each.

No new shares are being issued by QuickMart. The company said the transaction broadens ownership through the sale of existing shares.

The offer closes at 5:00 p.m. East Africa Time on Oct 30. Trading on the Nairobi Securities Exchange (NSE) is expected to begin on Nov 12, subject to the offer conditions and any formally announced changes to the timetable.

QuickMart directed prospective investors to the approved Information Memorandum at ipo.quickmart.co.ke for the full terms, risks and application procedures.

About QuickMart

QuickMart operates 72 stores across 16 counties in Kenya. It recorded revenue of 50.4 billion shillings in the 2025 financial year, according to the statement.

The retailer said its growth strategy combines store expansion, higher sales within its existing network, digital channels and operational efficiency. It expects organic growth to be funded mainly from internally generated cash flows.

Kang’iri said the company had built its business around making fresh food and everyday essentials accessible, running stores efficiently and reinvesting the cash the business generates.

MOBILIST’s record on the NSE

MOBILIST invests capital, provides technical assistance, conducts research and builds partnerships to attract investment to new products listed on public markets, according to the statement.

The QuickMart investment builds on its 2024 partnership with the NSE. The partnership aims to widen the range of listed investment opportunities and to enable greater participation in capital markets by Kenyan institutions, including pension funds.

The programme has already supported two NSE listings this year. Earlier in 2026, it invested $9 million as a cornerstone investor in the listing of the Africa Logistics Properties Industrial Real Estate Investment Trust (ALP REIT).

It also anchored the Spearhead Africa Infrastructure Fund, Kenya’s first listed infrastructure fund, with about 1.2 billion shillings. That fund raised 3.4 billion shillings to provide long-term, local-currency financing for infrastructure.