Kenya Pipeline Company has officially joined the Nairobi Securities Exchange after completing a public share sale that raised Sh106 billion, marking the first privatization listing on the market in nearly two decades. The milestone was celebrated in Nairobi on Tuesday during a bell ringing ceremony led by President William Ruto at the Main Investment Market Segment.
The listing places Kenya Pipeline among the major companies traded on the exchange and is expected to open the door for wider public participation in state enterprises while also creating a new source of funding for national development projects.
President Ruto described the listing as a long-awaited moment for the country’s capital markets.
“It may have taken longer than I had planned, but today, that moment is finally here,” Ruto said, noting that the last major IPO was Safaricom in 2008.
President William Ruto in a panel discussion during the Kenya Pipeline Company NSE listing bell ringing ceremony in Nairobi on March 10,2026.PHOTO/PCSThe Initial Public Offering raised Sh106 billion, funds that the government says will be directed to the newly established National Infrastructure Fund. The administration believes the move will help finance major projects without relying heavily on loans or additional taxes.
President Ruto explained that the government is shifting how it raises funds for development by tapping into capital markets instead of traditional borrowing.
“The 106 billion from the Kenya Pipeline IPO will enable us to finance up to 1.2 trillion infrastructure in one cycle,” he said, highlighting the potential for roads, dams, energy projects, and airport expansions, including the Jomo Kenyatta International Airport.
The public share sale also stood out for the way it was conducted. According to the President, the transaction was designed to encourage more citizens to invest directly in the country’s economic growth.
“This has helped us first fully electronic public offering with all applications submitted digitally, making it a truly paperless and modern IPO. It attracted more than 70,000 ordinary Kenyan investors, achieving one of its most broadening ownership and giving more citizens the opportunity to participate directly in the growth of our national enterprises,” he said.
Regional participation also featured in the offering. The governments of Uganda and Rwanda took part in the share sale, which the President said reflected growing confidence in Kenya’s economy and strengthened ties within the East African region.
The President also pointed to the legal framework that guided the transaction, saying the IPO was carried out under the new provisions of the Privatization Act signed into law last year.
“This transaction was also the first government-led IPO undertaken under the new legal framework established by the Privatization Act which I signed into law last year. The process has been conducted with full cabinet and parliamentary oversight, public participation, and compliance with capital markets, sectoral, and competition regulations. There is no dark corner anymore,” Ruto said, stressing transparency and accountability.
Beyond raising funds for development, the government sees the privatization as a way to reduce reliance on borrowing while accelerating key projects.
“Without the proceeds of privatization, we would either slow down investment in critical infrastructure or continue financing commercially viable projects through additional government borrowing. Neither option serves our long-term interests,” he said.
Ruto said the listing marks a turning point for Kenya’s financial markets and demonstrates confidence in the country’s economic direction.
“With this listing, we are taking charge of our own economic destiny and laying a firm foundation for accelerated national transformation. Kenya has the confidence, the institutions, and the capital markets to mobilize its own resources and invest boldly into the future,” he said.
The Kenya Pipeline IPO is expected to set a new standard for future government divestitures, with the aim of channeling funds into major infrastructure projects while also allowing more citizens to share in the growth of key national companies.
