Kenya Pipeline Company Initial Public Offer (IPO) Raises KSh 112.374 Billion and records 105.7 Percent Oversubscription
Nairobi, Kenya, 4 March 2026 - The Government of Kenya, through the Privatization Authority,
has today announced the results of the Kenya Pipeline Company (KPC) Initial Public Offering (IPO),
which registered an overall oversubscription rate of 105.7 percent and raised KSh 112.374 billion.
Investors submitted applications for 12,486,078,724 billion shares against the 11.81 billion shares
that were offered at a price of Kshs 9 each, reflecting robust participation across investor categories.
Speaking during the announcement, the Cabinet Secretary for The National Treasury and Economic
Planning, Hon. FCPA John Mbadi, said that the successful outcome of the KPC IPO is a clear
reflection of the growing strength and maturity of Kenya’s economy.
“The successful IPO further sustains our economic reforms and enables us to sustain the economic
achievements realized thus far both from a macro and fiscal perspective such as inflation, interest
rates, currency stabilization, economic growth as we turn to innovative financing mechanisms to
fund infrastructure and public service projects.”
Participation in the offer reflected a broad mix of investor categories, with Kenyan Retail and
Institutional investors having been allocated 7,951,752,222 shares, representing 67.32 percent of
the offer shares. Local institutional investors will own 40.99 percent of KPC.
EAC individual and Institutional investors have been allocated 3,857,024,178, representing 32.65
percent of the offer shares.
Following the privatisation of KPC, the Government of Kenya will retain a 35 percent ownership
stake in the company. with investors from across the EAC region taking up a 21.22 percent
ownership stake.
“KPC’s transition is not just that of being a listed Corporate but will now be properly positioned
as a regional Company allowing it to play a significant geopolitical role in East Africa's petroleum
sector, primarily through its pipeline infrastructure and strategic location.” said the National
Treasury Cabinet Secretary, Hon. FCPA John Mbadi.
As the first public offering of a state-owned enterprise by the Government of Kenya since 2008,
the KPC IPO marked a significant milestone in the country's privatization programme. It is also the first such offering conducted under the Privatization Act 2025, subject to rigorous Cabinet and Parliamentary oversight, extensive public participation, and full compliance with capital markets,
sector, and competition regulations, thereby establishing a new benchmark for transparency and oversight in the divestiture of public holdings.
The KPC IPO was also executed as Kenya’s first electronic initial public offering (eIPO), marking an
important step toward modernizing capital markets in Kenya.
The National Treasury CS said, “It has been the first e-IPO, meaning all applications were submitted
electronically hence a truly paperless IPO; The IPO attracted over 70,000 ordinary Kenyan’s,thus
enabling achievement of the IPO’s key objective of democratizing Public Assets by broadening the
shareholder base”
Beyond Kenya, Kenya Pipeline Company will continue to play a critical role in regional energy
logistics, particularly through its long-standing partnership with Uganda, one of KPC’s largest
customers. This cooperation continues to position the company as a strategic regional infrastructure
partner, supporting energy security and economic growth across East Africa.
Following the announcement of the results, the company will proceed with the final allocation of
shares and completion of regulatory processes ahead of the anticipated listing on the Nairobi
Securities Exchange, where the shares are expected to begin trading on 9 March 2026.
About Kenya Pipeline Company (KPC)
Kenya Pipeline Company is a leading energy infrastructure company responsible for the safe,
reliable, and efficient transportation and storage of petroleum products across Kenya and the East
African region.
About the Privatization Authority
The Privatization Authority is mandated to implement Kenya’s privatization program and broaden
citizen participation in strategic state enterprises.
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