The International Finance Corporation (IFC), the World Bank’s private-sector investment arm, has moved early to lock in a cornerstone stake in home-grown Kenyan retailer Quickmart, committing approximately Sh1.94 billion ($15 million) to the company’s initial public offering as the share sale opened on Monday.

The IFC’s conditional commitment, disclosed in the public announcement, represents roughly 13 per cent of the total offer and would give the Washington-based development financier about 6.5 per cent of Quickmart’s outstanding share capital after listing. The participation remains subject to approval by the IFC’s board of directors.