The Government of Kenya has officially launched the Kenya Pipeline Company Limited (KPC) Initial Public Offering (IPO) at the Nairobi Securities Exchange (NSE), marking the country’s largest IPO and its first fully electronic public offering.
The government is offering 65% of KPC’s ordinary shares at KSh 9 per share, valuing the company at KSh 163.6 billion.
The move opens ownership of one of Kenya’s most strategic energy infrastructure assets to local, regional, and international investors.
It also represents the Government’s first state-led market listing in 17 years, since the Safaricom IPO of 2008.
Also Read: Ruto’s Government Starts Selling Kenya Pipeline at Ksh106 Billion Valuation
How to Buy KPC Shares on NSE
The Nairobi Stock Exchange outlines key steps to be followed when buying shares.
Investors interested in buying in the IPO can follow these steps:
- Open a CDS Account
A Central Depository System (CDS) account is required to hold shares electronically.
A CDS account can be opened through NSE licensed brokers, participating banks, or an online investment platform since it’s required and
- Choose a Licensed Stockbroker
Applications must be submitted via brokers and approved by the NSE.
The licensed brokers provide guidance on application forms, payment methods, and allocations.
- Submit IPO Application.
Complete the KPC IPO form, specify the number of shares, and pay the total amount at KSh 9 per share. Minimum purchase is 100 shares, with allocations for retail (20%), institutional (20%), regional/EAC investors (20%), and Oil Marketing Companies (15%).
The IPO opens on 19 January 2026 and closes on 19 February 2026, after which shares will be allotted and credited to investors’ CDS accounts, and Allocation results are scheduled to be announced on 4 March 2026.
KPC shares will then begin trading on the NSE, allowing investors to buy or sell like any other listed stock.
Also Read: Faith Boinett: Inside the Career of KPC’s Reappointed Board Chairperson
IPO shares to Address Infrastructure gaps
Treasury Cabinet Secretary John Mbadi emphasized that the IPO is an asset optimization strategy in addressing infrastructure gaps.
“Our economy is at a critical turning point, and to sustain the economic achievements realized thus far, both from a macro and fiscal (inflation, interest rates, currency stabilization, and GDP growth) perspectives, we must turn to innovative financing mechanisms to fund infrastructure and public service projects. As the financial needs of the government continue to outpace available public resources, private sector participation has become a critical tool in addressing infrastructure gaps, enhancing service delivery, and promoting sustainable development,” said Mbadi.
KPC offers key statistics
| 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 |
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