Quickmart's IPO is now effectively half sold to institutions, before the offer has even closed. With RWC (Redwheel) and 337 Frontier joining as cornerstone investors, four institutions now account for about 48% of the KES 15bn offer: - UK Government's MOBILIST: KES 1.94bn (13%) - 337 Frontier: KES 1.94bn (13%) - RWC LLP: KES 1.3bn (8.7%) - IFC: KES 1.94bn (13%), still subject to board approval Three things stand out from the supplementary information memorandum: 1. The minimum subscription looks much more achievable. The IPO needs at least 75% of the offer (KES 11.25bn) to go through. The three confirmed cornerstones alone cover about 35%. With IFC, it's about 48%. That leaves roughly KES 4–6bn to come from everyone else. 2. The retail pool has been cut from 20% to 12% of the offer. To make room for the new cornerstones, retail's allocation dropped from 400m shares to 240m (about KES 1.8bn). Cornerstone allocations are not scaled back, so if retail demand is strong, individual investors could get fewer shares than they apply for. If retail is undersubscribed, though, retail investors get first claim on any leftover shares. 3. Foreign money is leading. Three of the four cornerstones are foreign. Together with the 8% foreign pool, foreign investors could hold more than half of the shares on offer. That's notable at a time when foreigners have been net sellers on the NSE for weeks.