The government has announced that trading of Kenya Pipeline Company (KPC) shares at the Nairobi Securities Exchange (NSE) will officially begin on March 10, 2026, marking the final stage of the company’s highly anticipated Initial Public Offer (IPO).
According to a notice issued on Thursday, investors who applied for shares but did not receive allocations will start receiving their refunds this week. The refunds are expected to begin on March 6.
The company also confirmed that electronic crediting of shares to investors’ accounts at the Central Depository and Settlement Corporation (CDSC) will be completed by March 6 to allow smooth trading once the shares are listed on the market.
The IPO, which opened on January 19 and closed on February 24, attracted strong interest from both local and regional investors. It was one of the most closely watched privatisation exercises in Kenya in recent years.
According to the National Treasury, Kenyan retail investors and local institutions purchased about 7.95 billion shares during the offer period. This accounted for more than two-thirds of the total shares available.
Investors from the East African Community also showed strong interest in the offer, buying approximately 3.8 billion shares. Countries such as Uganda and Rwanda were among the leading regional buyers, with Rwanda reportedly investing through pension funds.
Treasury Cabinet Secretary John Mbadi confirmed that the IPO was oversubscribed. Applications were made for more than 12.4 billion shares, compared to the 11.8 billion shares that were initially offered, representing an oversubscription rate of about 105.7 percent.
The government also dismissed claims that the shares were overpriced, saying the pricing was meant to balance investor returns with the state’s valuation of the company.
Following the sale, the government will retain a 35 percent controlling stake in Kenya Pipeline Company, while investors from the East African Community will collectively hold about 21.22 percent. Foreign investors were allocated only a small portion, accounting for about 0.02 percent.
The IPO was priced at Ksh9 per share, with a minimum investment of 100 shares, meaning investors could participate with as little as Ksh900. This structure was designed to allow small retail investors to take part in the offer.
Funds raised from the share sale are expected to support the government’s privatisation programme while strengthening the company’s role as a key regional petroleum transport and storage hub.
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