The Kenya Pipeline Company (KPC) has officially launched its long-awaited initial public offering (IPO), marking the first such transaction in Kenya’s capital markets in more than a decade.

In a market briefing on Monday, the government said it is offering 11.8 billion shares, which will be equivalent to 65 percent of KPC, at a price of KSh9.00 per share, aiming to raise KSh106.3 billion from the financial markets. 

The offer, which opens today, 19 January 2026 is projected to close on 19 February 2026, with the shares expected to list on the Nairobi Securities Exchange (NSE) starting 9 March 2026.

"This landmark transaction-the first IPO in over a decade-signals a renewed era of growth, confidence, and opportunity in our capital markets," stated the NSE on X (formerly Twitter), adding: "The IPO will provide Kenyans with a unique opportunity to participate directly in this journey by becoming shareholders in the Kenya Pipeline Company and sharing in its future success."

First fully electronic IPO (e-IPO)

KPC's IPO is also designed to be the country's first fully electronic IPO (e-IPO), mainly to maximize on retail investor participation. All applications will be submitted digitally, further broadening access to ordinary investors. 

According to disclosures, the allocation structure will see 20 percent each to local retail, local institutional, regional (East African Community), and international investors; 15 percent reserved for oil marketing companies and 5 percent earmarked for KPC employees.

In the trading year 2025, the company posted profits of KSh7.49 billion on revenues of KSh38.6 billion. The company maintained a 50 percent dividend payout policy, delivering KSh0.347 per share, which translates to an attractive dividend yield of 3.9 percent at the offer price.

KPC's initial public offer is led by a consortium of advisers, including Faida Investment Bank as Lead Transaction Adviser, Dyer & Blair as Lead Sponsoring Broker, Francis Drummond & Co. as Co-Sponsor, and PwC as Reporting Accountant.

Additionally, TripleOKLaw and G&A Advocates are acting as the IPO's as Legal Advisers, Image Registrars as share registrar, Belva Digital for the e-IPO platform, Apex Porter Novelli for communications, while the receiving lenders will be Co-operative Bank, KCB, and Stanbic Bank.

Kenya's financial markets has witnessed limited large-scale listings since the 2010s. By unlocking 65 percent of KPC for public ownership while retaining government influence, the transaction is billed to deepen market liquidity, boost retail investor confidence, and signal renewed momentum for privatisation.

"The Kenya Pipeline Company IPO offer carries profound significance, not only because of the strategic importance of the company, but because it represents the first Initial Public Offering in our market in over 10 years. Today’s event represents the realization of a long-held aspiration to see our primary market re-energized and to witness the return of IPOs as a central pillar of Kenya’s capital markets" explained Kiprono Kittony, Chairman, NSE.

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