Quick Mart kicked off trading at 10 shillings following a 7.50 shillings list price, a punchy open that fits a careful reopening in Kenya's equity market after a thin run of listings. Following state-run Kenya Pipeline Co.'s deal, this is just the second firm in Nairobi to seek an IPO this year.
The tone has been helped by rising prices: Kenya's main equities index has risen 28% when measured in dollars this year, putting it in the top 10 performers worldwide.
The grocer runs 72 stores today and plans to lift that tally to 125, as part of an effort to about double revenue and open no fewer than 50 additional outlets over the next four years. Kang'iri has outlined an ambition to reach $1 billion in annual revenue from about 60 billion shillings this financial year.
This listing is about existing holders trimming stakes rather than raising cash for the company. Current investors used the offer to reduce their position, spotlighting the Nairobi Securities Exchange as a rarely used exit route for private equity funds in Kenya. Quick Mart did not issue new shares and received no proceeds from the sale.
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Sokoni Retail Kenya Ltd., the sole owner before the IPO, is selling half its stake. Sokoni is the holding vehicle for Adenia Partners, the family of the late founder John Kinuthia, the founders of Tumaini Supermarket, and CEO Kang'iri, with Adenia controlled entities holding a majority interest.
Quick Mart "began as a family dream in Nakuru in 2006," said Kinuthia's granddaughter, Marsha Wanjiku Mururi. "From our first customers and suppliers to today's thousands of investors, your trust has helped turn the dream into a shared success."
A strong debut from the country's second largest grocer, a benchmark up 28% in dollar terms, and the reality that this is just the second Nairobi listing to be attempted via an IPO this year all point to a friendlier window for Kenyan equities. For anyone tracking consumer demand, store growth toward 125 and a long term $1 billion sales target give you simple markers to gauge execution in the quarters ahead.
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