The Kenya Pipeline Company (KPC) Initial Public Offering (IPO) posted a strong performance, surpassing the National Treasury’s target of KES 106 billion, recording an overall subscription rate of 105.7%.
The offer, which floated 11.81 billion shares at KES 9 per share, attracted applications for 12.49 billion shares, translating to an over subscription of rate of 5.7%. Cumulatively, the IPO attracted KES 112B in subscriptions against KES 106B targeted. Kenyan local institutional investors including the National Social Security Fund (NSSF) acquired the biggest stake at 63.1% of the total shares issued, exceeding the 20% allocation initially set aside for the category.
East African Community (EAC) investors, including the Uganda National Oil Company (UNOC) and Rwanda pension funds took up 3.85 billion shares, equivalent to 32.6% of the issued shares, 12.6 percentage points above the 20% IPO allocation for the category.
Uptake by local retail investors was very low relative to the category’s allocation. Kenyan retail investors took up 3.9% of the 20% IPO shares allocated to them. KPC employees and foreign investors subscribed 0.09% and 0.03% of the issued shares, respectively, while Oil Marketing Companies (OMCs) took up 0.02%.
The Kenya pipeline IPO marks the largest offering in Kenya’s history and East Africa at large since Safaricom PLC in 2008. It is also the first IPO in Kenya to be fully executed online.
Kenya Pipeline Listing
The company is set to be listed on the Nairobi Securities Exchange (NSE) on March 10, 2026, trading on the Main Investment Market Segment (MIMS) under the ticker KPC.0000 (NSE: $KPC). KPC will join KenGen PLC, Kenya Power, Umeme PLC, and TotalEnergies in the energy sector of the NSE.
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