The Government has officially launched the Kenya Pipeline Company (KPC) Initial Public Offering (IPO) at the Nairobi Securities Exchange (NSE), marking a historic milestone as the first fully electronic (e-IPO) transaction in the history of Kenya’s capital markets.
The IPO, unveiled by the National Treasury in January 2026, will see 65 per cent of KPC’s issued 11.8 billion ordinary shares offered to the public at a price of Kshs. 9 per share, making it the largest IPO ever undertaken at the NSE. Investors can participate with a minimum application of 100 shares, translating to an entry cost of Kshs. 900, a move aimed at encouraging broad citizen participation.
The offer opened on 19th January 2026 and will close on 19th February 2026, with listing and trading of KPC shares expected to commence on 9th March 2026. Applications are being made electronically through Central Depository System (CDS) accounts, licensed stockbrokers, authorised selling agents, and approved digital IPO platforms.
The IPO also features an Employee Share Ownership Plan (ESOP), with five per cent of the total offer shares reserved for eligible KPC employees, allowing staff to directly benefit from the company’s future growth and performance.
Speaking during the launch, National Treasury Cabinet Secretary John Mbadi said the IPO is a key pillar of the Government’s state-owned enterprises reform agenda, aimed at transforming wholly state-owned entities into people-owned companies. He noted that the transaction comes at a time of strong momentum at the NSE, with market capitalisation having crossed Kshs. 3 trillion in November 2025.
Privatization Authority Chairman Faisal Abass described the IPO as a defining moment for Kenya’s public sector reforms, saying it demonstrates how privatization can be conducted transparently, competitively, and in the public interest.
The offer has received regulatory approval from both the Capital Markets Authority (CMA) and the NSE and is open to Kenyan retail and institutional investors, East African Community investors, Oil Marketing Companies, KPC employees, and international investors.
Proceeds from the IPO will accrue to the Government of Kenya and be applied in line with the national budget framework, supporting priority investments in energy, roads, water and irrigation, and airports, as well as fiscal consolidation.
KPC is one of Kenya’s most profitable state-owned enterprises, having posted revenues of Kshs. 38.6 billion and after-tax profits of Kshs. 10.37 billion for the year ended June 2025. The company operates over 1,300 kilometres of pipeline infrastructure, playing a critical role in national energy security and regional trade.