Quickmart Plc Attracts RWC Asset Management to IPO

Quickmart Plc, Kenya's second-largest supermarket chain, has expanded its pool of cornerstone investors to four as it prepares for its initial public offering on the Nairobi Securities Exchange.

Among the new applicants is RWC Asset Management LLP, a subsidiary of the Redwheel Group regulated by the UK Financial Conduct Authority and the US Securities and Exchange Commission. The investment firm has applied for approximately 1.3 billion shillings, or 10 million dollars, in shares.

If successful, this investment would represent about 4.3% of the company's outstanding share capital following its listing.