The Government of Kenya has announced the Kenya Pipeline Company (KPC )’s initial public offering, marking one of the largest IPOs in the local market.
According to the KPC information memorandum, the state is offering 11.81 billion shares, representing 65.0 per cent divestiture in the company.
“Information Memorandum in respect of an offer for sale by the Government of Kenya of 11,812,644,350 shares at an Offer Price of Kenya Shillings 9.00 with a par value of Kenya Shillings 0.02 each in the ordinary share capital of Kenya Pipeline Company (the “Offer Shares”) comprising a public offer of 65% of the issued ordinary Kenya Pipeline shares (the “Offer”),” it read in part.
The shares are priced at KES 9.00 per share, implying a targeted capital raise of approximately KES 106.31 billion.
Based on the offer price, the government has valued KPC at about KES 163.56 billion, making the IPO one of the most ambitious in Kenya’s capital market history.
The offer will open on January 19 and close on February 19, providing a one-month subscription window. The extended offer period reflects the scale of the transaction and the size of capital being sought.
In terms of allocation, retail investors, institutional investors, and regional/EAC investors have each been allocated 20.0 per cent of the shares on offer, while oil marketing companies (OMCs) have been allocated 15.0 per cent.
Important Dates for the Share Sale
The offer period for the KPC share sale will open on 19 January 2026, giving investors an opportunity to apply for shares during the subscription window.
Also Read: Ruto Reappoints KPC Board Chair, Drops Names From C.B.S List in Fresh Govt Changes
The offer will close on 19 February 2026, after which no new applications will be accepted. Allocation results are scheduled to be announced on 4 March 2026.
Successful applicants will be required to complete payment on guarantees, both domestic and international, by 5 March 2026. Shares will then be electronically credited to CDS accounts on 6 March 2026, the same day refunds for unsuccessful or partially successful applications will be processed.
Trading of KPC shares at the Nairobi Securities Exchange (NSE) is expected to commence on 9 March 2026, subject to regulatory approval.
The Capital Markets Authority (CMA) noted that the dates may be adjusted with prior approval, and any changes will be communicated publicly.
“The dates indicated above may be subject to change with the prior approval of the CMA. Any such amendments will be published in the press,” read part of the memorandum.
KPC Offer Statistics
Also Read: Kenya Pipeline Foundation Announces 2026 Scholarships for Grade 10 Learners; How to Apply
| Item | Value |
| Offer Price per Offer Share | KShs. 9.00 |
| Par value of each Offer Share | KShs. 0.02 |
| Authorised share capital of the Company | KShs. 387,391,600 |
| Total number of issued ordinary shares of the Company | 18,173,299,000 |
| Total number of Offer Shares | 11,812,644,350 |
| Dividend per share (“DPS”) for the twelve (12) month period ended 30 June 2025 | (Post share split DPS is KShs 0.347) KShs. 324.7 |
| Earnings per share (“EPS”) for the twelve (12) month period ended 30 June 2025 | (Post share split EPS is KShs 0.4122) KShs. 412.2 |
| Reported EBITDA for the period ended 30 June 2025 | KShs. 18,593,941,000 |
| Implied EV/EBITDA multiple | 8.1X |
Follow our WhatsApp Channel and join our WhatsApp Group for real-time news updates.
