Quickmart was started in 2006 as a single family-owned store in Nakuru Kenyan supermarket chain Quickmart is targeting a listing on the Nairobi Securities Exchange after growing its annual turnover beyond Sh50 billion, opening ownership of the retailer to local investors.
The retailer said it intends to list all its issued ordinary shares on the Main Investment Market Segment of the NSE through a proposed offer for sale by its sole shareholder, Sokoni Retail Kenya Limited. The transaction will allow Kenyans to acquire shares in one of the country’s largest modern retail businesses, following a rapid expansion that has taken Quickmart from a single store in Nakuru, in 2006, to more than 70 outlets nationally.
The company’s group CEO Peter Kang’iri has described annual revenue as approximately $400 million. At an illustrative exchange rate of Sh128 to the dollar, the figure translates to about Sh51.2 billion, broadly consistent with the company’s reported turnover above Sh50 billion.
The figures underline the scale of the business being prepared for the capital markets, although turnover should not be confused with net profit. Quickmart has not publicly disclosed a comparable latest net-profit figure in the material reviewed. The growth has been driven by an aggressive branch expansion strategy, improved supplier arrangements and investment in its retail infrastructure and digital operations.
Quickmart was founded in 2006 with its first store in Nakuru. The business has since expanded to 72-plus stores, with more than 60 million customer visits annually, over 700 suppliers and more than 8,000 employees, according to its corporate profile. The expansion represents a major transformation from the period when the business had only 11 stores.
The Competition Authority of Kenya said the acquisition of Quick Mart by Sokoni Retail Kenya involved 100 per cent of the issued shares and followed Sokoni’s earlier acquisition of Tumaini Self Service. The combined businesses subsequently operated 25 outlets. The proposed offer for sale means Quickmart will not necessarily receive the proceeds from the shares being sold.