Quickmart Sets IPO Offer Price at KES7.50 a Share, Valuing the Company at KES30 Billion

Quickmart sets IPO offer price at KES7.50 a share, valuing the company at KES30 billion

Quick Mart PLC fixed the offer price for its Nairobi Securities Exchange listing at KES7.50 per ordinary share, approved by Sokoni Retail Kenya Limited and the company's board on 30 September 2026. On the company's 4.0 billion issued shares, that implies an equity value of KES30.0 billion. At that price, the 2 billion-share offer for sale Quickmart announced on 23 September 2026 raises KES15.0 billion for Sokoni, the company's sole shareholder, rising to roughly KES17.25 billion if the 300 million-share over-allotment option is exercised in full. None of it goes to Quickmart itself, since this remains a sale of existing shares, not new capital.

Stanbic describes the KES7.50 price as reflecting "a discount to the assessed equity value of the Company, as determined by the Selling Shareholder." That assessment weighed prevailing market conditions, investor feedback gathered during the pre-IPO process, due diligence findings, and the final size and timing of the offer. Stanbic also states it relied on management's own financial projections and assumptions without independently verifying them, and that the document is not a fairness opinion or investment recommendation. In plain terms, the KES7.50 figure is the price Sokoni settled on after discounting its own adviser's assessed value, not an independent valuation of what Quickmart is worth. Neither the assessed value nor the size of that discount is disclosed.

Quickmart's Information Memorandum does disclose the arithmetic behind the multiples, though. Projected FY2026 adjusted EBITDA of KES6.59 billion, combined with net debt of KES7.27 billion, including lease liabilities, as at 30 June 2026, implies an enterprise value of KES37.27 billion, an EV/Adjusted EBITDA multiple of 5.7x. Measured against projected FY2026 adjusted net income of KES2.32 billion, the KES30.0 billion equity value works out to a Price/Adjusted Earnings multiple of 12.9x.

Quickmart vs Select Grocery Retail Companies (EV/EBITDA and P/E)

Company	Country (HQ)	Market cap (USDm)	EV/EBITDA 2026E	P/E 2026E
Shoprite Holdings Ltd	South Africa	11,648	8.9x	21.4x
Boxer Retail Ltd	South Africa	2,263	9.7x	21.4x
SPAR Group Ltd	South Africa	538	6.8x	8.0x
Label Vie SA	Morocco	1,262	9.6x	20.0x
Gourmet Egypt.com Foods SAE	Egypt	125	11.9x	20.9x
BIM Birlesik Magazalar AS	Turkey	10,524	8.6x	16.2x
Lulu Retail Holdings PLC	United Arab Emirates	2,669	7.0x	16.5x
BinDawood Holding Company SJSC	Saudi Arabia	1,348	8.6x	18.7x
Abdullah Al-Othaim Markets Company SJSC	Saudi Arabia	1,054	10.7x	17.7x
Spinneys 1961 Holding PLC	United Arab Emirates	1,244	6.3x	12.8x
Al Meera Consumer Goods Company QPSC	Qatar	748	10.9x	15.1x
Average All			9.0x	17.2x
Median All			8.9x	17.7x
Quickmart PLC (at KES7.50 offer price)	Kenya	231	5.7x*	12.9x*

Source: Stanbic Bank Kenya / SBG Securities, "Quick Mart PLC – Offer Price Valuation Parameters," 22 September 2026 (peer figures per Refinitiv, as at 21 September 2026). Quickmart's row is drawn from the same document's own Implied Offer Valuation Statistics, not an ApexHub calculation. *Both figures are the company's disclosed FY2026 forward multiples: EV/Adjusted EBITDA of 5.7x (enterprise value of KES37.27 billion over projected adjusted EBITDA of KES6.59 billion) and Price/Adjusted Earnings of 12.9x (KES30.0 billion equity value over projected adjusted net income of KES2.32 billion). Market cap converted to USD at KES129.66/USD (30 September 2026).

Quickmart's disclosed 12.9x FY2026 P/E and 5.7x EV/Adjusted EBITDA both sit well below this peer group, against averages of 17.2x and 9.0x and medians of 17.7x and 8.9x on the same 2026 forecast basis. Both sides of the comparison are genuine FY2026 forward estimates, so this is a like-for-like read. The gap backs up Stanbic's own description of the offer price as a discount to assessed equity value, Quickmart is priced meaningfully cheaper than comparable African and Middle Eastern grocery retailers on both earnings and EBITDA.

Quickmart vs Select Companies Listed on the NSE (P/E and Dividend Yield)

Company	Market cap (USDm)	P/E 2026E	Dividend Yield 2026E
Safaricom PLC	11,244	13.3x	6.1%
Equity Group Holdings Ltd	2,998	4.9x	6.6%
KCB Group Plc	2,335	4.0x	7.4%
East African Breweries PLC	1,712	12.0x	4.6%
Co-operative Bank of Kenya Ltd	1,621	6.3x	7.5%
Absa Bank Kenya PLC	1,386	7.7x	6.8%
NCBA Group PLC	1,143	n/a	n/a
Standard Chartered Bank Kenya Ltd	980	8.4x	10.0%
Stanbic Holdings Plc	852	7.1x	8.4%
I&M Group PLC	1,083	5.6x	6.2%
British American Tobacco Kenya Plc	433	n/a	n/a
Diamond Trust Bank Kenya Ltd	398	4.4x	5.7%
HF Group PLC	174	n/a	n/a
Kenya Reinsurance Corp Ltd	190	n/a	n/a
CIC Insurance Group Plc	103	n/a	n/a
Average All		7.4x	6.9%
Median All		6.7x	6.7%
Average (excl. banks and insurance)		12.7x	5.4%
Median (excl. banks and insurance)		12.7x	5.4%
Quickmart PLC (at KES7.50 offer price)	231	12.9x*	6.7%**

Source: Stanbic Bank Kenya / SBG Securities, "Quick Mart PLC – Offer Price Valuation Parameters," 22 September 2026 (peer figures per Refinitiv, as at 21 September 2026). Quickmart's P/E is the company's own disclosed FY2026 Implied Price/Adjusted Earnings multiple, see the note under the table above. Quickmart's Information Memorandum projects an FY2026 dividend of KES2.0 billion, or KES0.5 per share, against the KES7.50 offer price. It remains a projection, not a declared dividend, and Quickmart's own guidance makes any payout conditional on performance, capital needs and board discretion. The excl. banks and insurance average and median are based on Safaricom and East African Breweries only, since British American Tobacco Kenya's 2026E figures are not available in this dataset.

Against the NSE's own listed companies, Quickmart's 12.9x FY2026 multiple lands almost exactly on the 12.7x average and median for non-financial names once banks and insurers are stripped out. That's a much closer match than the 17.2x it would have taken to stand out as expensive against regional grocery peers. The full fifteen-name set, heavy with banks on single-digit multiples, puts the median at just 6.7x on 2026 forecasts. Safaricom, at 13.3x for 2026, and East African Breweries, at 12.0x, bracket Quickmart's multiple almost exactly, the closest domestic comparisons to how the offer is priced. On dividend yield, the picture flips, Quickmart's 6.7 percent projected yield beats the 5.4 percent average for Safaricom and East African Breweries, and tops Safaricom's 6.1 percent outright, even without the bank-heavy average pulling the comparison up.

Bottom line for investors: the KES7.50 offer price answers the question left open when this listing was first announced. The company's own disclosed multiples put it at a discount to regional grocery retail peers, while pricing roughly in line with the NSE's non-financial large caps. A 12.9x FY2026 P/E and a projected dividend yield of 6.7 percent are not expensive next to Safaricom or East African Breweries. The case for subscribing rests on whether Quickmart's growth plans can sustain multiples at this level, not on the offer being obviously cheap or rich. Quickmart's Information Memorandum, published 02 October 2026, is now available with the full terms and conditions, and investors should read it in full before deciding whether to subscribe.

Source: Stanbic Bank Kenya Limited and SBG Securities, "Quick Mart PLC – Offer Price Valuation Parameters," prepared for the Board of Directors of Quick Mart PLC, 22 September 2026, with the KES7.50 offer price approved by resolution on 30 September 2026, and confirmed in Quick Mart PLC's Information Memorandum dated 02 October 2026. Peer company trading multiples are sourced by Stanbic from Refinitiv data as at 21 September 2026. Quickmart's own FY2025 revenue and profit figures are drawn from Quick Mart PLC's 23 September 2026 listing announcement, previously reported by ApexHub Insights. The KES/USD conversion used is 129.66, the Central Bank-referenced closing rate for 30 September 2026. The underlying valuation parameters document states it relies on unverified management projections and is not an independent valuation, fairness opinion, or investment recommendation.