Quickmart founders free to sell 800m shares after IPO

The anchor shareholders of Quickmart can sell up to 800 million shares or 40 percent of their remaining stake without restriction, following the retailer’s initial public offering (IPO) after the markets regulator agreed to a lock-up rule that only covers part of their holding.

The Capital Markets Authority (CMA) requires controlling shareholders to hold on to their stake for at least two years after listing, to reassure prospective investors that insiders are not looking for a quick exit or dumping struggling companies on the public.