Treasury Cabinet Secretary John Mbadi has launched the Initial Public Offering (IPO) of the Kenya Pipeline Company (KPC) valued at KES 163.6 billion on the Nairobi Securities Exchange (NSE).
The offer opened on January 19, 2026, and is set to close on February 19, 2026, ahead of expected trading from March 9, 2026.
It is the largest share offer in the NSE since Safaricom’s listing in 2008 and one of the most significant infrastructure privatisations in East Africa.
What the KPC IPO Involves
Under the offer, the government is selling 65 percent of its KPC stake, offering 11.81 billion shares at an offer price of KES 9.00 per share.
The 65 percent divestiture is equivalent to Ksh.163.6 billion as the state will retain a 35 percent stake with a two-year lock-in period for oversight.
The IPO has been approved by both the Capital Markets Authority (CMA) and the NSE, and will be listed under the ticker KPC.0000.
This offer is also the first fully digitised electronic IPO (E-IPO) in Kenya, representing a key modernization of how public share offers are conducted.
Also Read: Kenya’s Oil Firms Request Waiver on Fines for Overdue Products at KPC
Who Can Invest
The IPO’s share allocation has been structured to appeal to a wide range of investors:
- 20 percent set aside for Kenyan retail investors
- 20 percent for Kenyan institutional investors
- 20 percent for foreign investors
- 20 percent for East African Community (EAC) investors
- 15 percent for oil marketing companies (OMCs)
- 5 percent for KPC employees
This diversified allocation is intended to spread ownership and encourage participation from ordinary citizens, local institutions and regional investors alike.
In the year ending June 2025, the company reported Ksh.38.6 billion in revenue, a Ksh.7.49 billion net profit.
KPC transports around 10 billion litres of petroleum products annually using its extensive pipeline network.
It also operates a network stretching more than 1,300 kilometres across key cities and depots, with storage capacity exceeding 1.1 million cubic metres. It also maintains critical aviation fuel infrastructure.
The company dominates fuel logistics within Kenya and holds significant market share in neighbouring markets.
