Quickmart Launches KES 15 Billion IPO in Kenya
Quickmart, a Kenyan retail supermarket chain, has initiated a public offer, selling 2 billion existing shares, which constitutes about 50% of its business, at KES 7.50 ($0.058) each. The company aims to raise KES 15 billion ($116 million) through this initial public offering (IPO), which values the business at KES 30 billion ($232 million).
The offer is set to close on October 30, with trading expected to commence on November 12. In a separate development, Kenya’s Capital Markets Authority (CMA) approved Renaissance Capital Kenya’s plan to offer global depositary receipts (GDRs) tied to Nigeria’s Dangote Petroleum Refinery.
This approval was granted five days after Renaissance Capital Kenya announced its intention to create the GDR structure, which will provide Kenyan investors with access to the Nigerian refinery.
Plus234Feed summary based on reporting from TechCabal. Read the original report below.
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