Foreign investors control 52.9% of Quickmart after IPO
By the AFREEQUE newsroom, based on Business Daily
Foreign investors now hold 52.9% of Quickmart after the Kenyan retailer’s IPO, up from 50.8% previously. Founders and local investors own 47.1% after final allocations, according to Business Daily Africa.
Foreign investors will hold 52.9% of the capital of Quickmart, a Kenyan supermarket chain, after the final allocation of shares in its initial public offering (IPO), according to results released after the operation and reported by Business Daily. Their stake has therefore increased by 2.1 percentage points from their previous holding of 50.8%.
The founders and Kenyan investors will together retain 47.1% of the capital, compared with 49.2% previously. The change follows the sale of half of its stake by Adenia Partners, Quickmart’s reference shareholder. International funds and institutions acquired more than a quarter of the capital offered in the IPO.
The operation had recorded subscriptions exceeding the initial offer by 3.4 billion Kenyan shillings, according to information published on 6 November on Quickmart IPO subscriptions.
