World Bank's IFC eyes 6.5% Quickmart stake in Ksh1.94B deal
Originally published by Citizen Digital — Read the original article →
The International Finance Corporation (IFC), the World Bank Group’s private sector investment arm, has conditionally committed KSh1.94 billion ($15 million) for a 6.5 per cent stake in Quickmart through the supermarket chain’s ongoing Initial Public Offering (IPO).
The investment would make IFC a cornerstone investor in the retailer, giving Quickmart significant institutional backing as it seeks to raise KSh15 billion and list on the Nairobi Securities Exchange (NSE).
A cornerstone investor typically commits to buying a significant stake ahead of or during an IPO, potentially boosting confidence among other investors considering participating in the offer.
