Adenia Partners has completed a partial exit from Kenyan supermarket chain Quickmart following an oversubscribed KES 15 billion ($115.4 million) share offering and the company's listing on the Nairobi Securities Exchange (NSE).

The transaction involved the sale of two billion existing shares, representing 50% of Quickmart's issued share capital, at KES 7.50 per share. At the offer price, the retailer was valued at KES 30 billion ($230.8 million).

The offering was conducted by Sokoni Retail Kenya Limited, whose shareholders include Adenia, Quickmart's founders and the company's Group CEO. Following the transaction, Sokoni retains a 50% stake in Quickmart, with Adenia's funds remaining invested in the business.

The offer attracted 6,068 applications for approximately 2.45 billion shares, representing demand of KES 18.4 billion and exceeding the available shares by more than 20%.

Four international cornerstone investors participated in the offering: International Finance Corporation (IFC), 337 Frontier, RWC Asset Management and Mobilist.

Kenyan and East African retail and institutional investors received their allocations in full, accounting for 45% of the shares offered.

The listing represents a partial realisation of Adenia's investment, which began in 2018 with its acquisition of Tumaini and continued with the merger of Tumaini and Quickmart in 2019.

At the time of the merger, the two supermarket chains operated a combined 19 stores. Quickmart has since expanded to 72 stores across 16 Kenyan counties, processing approximately five million customer transactions each month.

The retailer's revenue increased from $37 million in the 2018 financial year to $389 million in 2025, representing growth of approximately 10.5 times.

“This is a proud moment for Adenia, and a pivotal milestone in Quickmart's development,” said Martha Osier, Partner at Adenia and Quickmart board member.

“Since our initial investment in 2018, we have worked closely with the founders and management team to build one of Kenya's leading supermarket chains.”

“The successful listing enables us to realise part of our investment while remaining a significant shareholder in a business with tremendous opportunities ahead. We look forward to supporting Quickmart as it enters the next exciting phase of its growth.”

During Adenia's investment period, Quickmart expanded its retail network, introduced its Q-Points loyalty programme and developed an online sales platform through its QSOKO application and delivery partnerships.

The loyalty programme now has approximately 2.5 million members, accounting for around 74% of monthly sales.

The company's workforce has also more than tripled, with more than 5,700 jobs created since Adenia's initial investment. Quickmart employed 7,974 people as of June 30, 2026.

The proportion of female store managers increased from approximately 3% in 2020 to 29% in June 2026, while women accounted for 40% of the company's total workforce.

Quickmart has also expanded its environmental initiatives, including the installation of rooftop solar capacity and the introduction of electric motorcycle charging infrastructure for deliveries.

The transaction provides Adenia with a partial exit while retaining exposure to Quickmart's future growth as a publicly listed company.