Treasury Cabinet Secretary John Mbadi has announced that the Kenya Pipeline Company (KPC) Initial Public Offer (IPO) was oversubscribed at 105.7 percent, marking the first government-led listing at the Nairobi Securities Exchange in 17 years since the Safaricom IPO in 2008.
Speaking during the release of the results of the Kenya Pipeline Company Limited (KPC) Initial Public Offer in Nairobi on Wednesday, Mbadi said the offer, which opened on January 19 and closed on February 24, 2026, received applications for 12.49 billion shares against the 1.8 billion shares on offer at Sh9 each.
“The oversubscription signals a resounding vote of confidence in the government’s privatization agenda,” he said.
Kenyan individual and institutional investors were allocated 67.3 percent of the shares, while East African Community investors, including Uganda and Rwanda, received 32.7 percent.
Mbadi described regional participation as strategic, noting it strengthens KPC’s position as a regional energy infrastructure company in East Africa’s petroleum sector.
The CS termed the IPO “a significant milestone that transcends a single transaction,” saying it demonstrates how government prudently manages public assets, mobilizes development financing amid fiscal constraints, and strengthens constitutional oversight and transparency.
He emphasized that the process was conducted under “a strict framework encompassing accountability, equity, value for money and transparency” to ensure Kenyans receive the true value of their investment.
Mbadi said parliamentary scrutiny and public participation were embraced as constitutional safeguards, not procedural hurdles.
“We didn’t see the heightened scrutiny as unnecessary hurdles to be overcome, but as constitutional mechanisms through which democratic legitimacy, accountability and public confidence are secured,” he stated.
The IPO attracted over 70,000 Kenyan investors and was conducted as the country’s first fully digital, paperless e-IPO.
“There was no paper at all in this IPO,” Mbadi noted, adding that the strong retail uptake demonstrated efforts to democratize ownership of state corporations.
Proceeds from the sale will be invested in the National Infrastructure Fund to finance highways, railways, ports, energy systems, irrigation and agribusiness projects.
The fund, he said, will mobilize long-term financing, attract private investment, and reduce reliance on debt and taxation.
Mbadi linked the successful listing to broader economic gains, citing stabilized inflation at about 4.3 percent, easing interest rates, currency stability, and improved liquidity in the banking sector.
The CS described the IPO as a landmark transaction that positions KPC for expansion, including increased pipeline capacity and improved storage infrastructure to meet growing regional demand.
