The Government of Kenya has officially launched the Initial Public Offering (IPO) of the Kenya Pipeline Company Limited (KPC) at the Nairobi Securities Exchange (NSE), marking the first government listing since Safaricom’s IPO in 2008 and the largest public offer ever undertaken in East Africa.

Speaking during the launch, Cabinet Secretary for the National Treasury and Economic Planning, Hon. John Mbadi, said the KPC IPO represents a major milestone in the development of Kenya’s capital markets and a strategic step toward mobilizing investment for economic growth. He noted that the offer is designed to deepen market liquidity, expand investment options for local and foreign investors, and increase the overall asset base of the NSE.

The Cabinet Secretary emphasized that the transaction is a strategic partial divestment, aimed at optimizing government assets rather than wholesale privatization. Through the IPO, the Government seeks to convert concentrated public equity into diversified national capital while retaining ownership and improving capital efficiency.

Proceeds from the IPO will support financing of the 2025/2026 national budget, helping reduce reliance on borrowing and higher taxation. In addition, part of the funds will be used as seed capital for the proposed National Infrastructure Fund, which will invest in critical sectors such as energy, roads, water, airports, and other strategic infrastructure projects.

Listing on the NSE is also expected to strengthen KPC’s corporate governance, transparency, and accountability in line with capital markets regulatory standards, while advancing broader state-owned enterprise reforms that encourage greater private sector participation in commercially viable activities.

The IPO has been launched at a time of strong market performance, with NSE market capitalization exceeding KES 3 trillion, providing confidence in the market’s ability to absorb a large-scale transaction. The offer also seeks to broaden share ownership by allowing Kenyans and global investors to become co-owners of KPC, promoting inclusive wealth creation.

KPC enters the market as a profitable and financially sound company, having posted revenues of KES 38.59 billion and a net profit of KES 7.49 billion for the financial year ended June 30, 2025. The IPO will be conducted through Kenya’s first fully electronic (e-IPO) platform, requiring investors to participate via Central Depository System (CDS) accounts, thereby modernizing and simplifying access to capital markets.

The Government assured investors of full transparency through a comprehensive Information Memorandum and invited Kenyans to participate in what it termed a landmark national investment opportunity.

The launch event was attended by senior government officials and market stakeholders, including Principal Secretaries Cyrell Wagunda (Public Investments and Assets Management), Hassan Abubakar (Investment Promotion), and Mohammed Liban (Petroleum), KPC CEO Joe Sang, Privatisation Authority Managing Director Dr. Janerose Omondi, and Director-General of Public Investments Portfolio Management Lawrence Kibet, Director General, Directorate of Public-Private Partnership - Eng. Kefa Seda among others.