Kenya Pipeline Company lists on NSE as shares debut at Sh9.30
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KPC Board Chair Faith Bett-Boinett said the company is committed to delivering value to shareholders as it transitions into a publicly traded regional energy infrastructure firm.
Kenya Pipeline Company (KPC) PLC officially debuted on the Nairobi Securities Exchange (NSE) on Tuesday with shares opening at Sh9.30, marking the first state privatisation listing in nearly two decades and one of the largest share sales in East Africa.
The historic listing was officially launched during a bell-ringing ceremony presided over by President William Ruto at the NSE trading floor in Nairobi.
The company’s initial public offering (IPO) attracted strong investor interest, recording a 105.7 percent oversubscription and raising about Sh106 billion after the government sold a 65 percent stake in the energy infrastructure firm.
Speaking during the ceremony, President Ruto said the listing signals confidence in Kenya’s economy and represents a major step in expanding citizen participation in the ownership of strategic national assets.
“This IPO attracted more than 70,000 ordinary Kenyan investors, broadening ownership and allowing citizens to participate directly in the growth of national enterprises,” he said.
He noted that the proceeds from the share sale will be channelled into the National Infrastructure Fund, which aims to mobilise up to Sh1.2 trillion in long-term capital for major infrastructure projects.
The President said the funding model would reduce reliance on taxes and sovereign borrowing for development projects.
“This approach allows infrastructure to become an investable asset capable of attracting domestic and international long-term capital,” he said.
KPC Board Chair Faith Bett-Boinett said the company is committed to delivering value to shareholders as it transitions into a publicly traded regional energy infrastructure firm.
“To our new shareholders: this is your company. We pledge to steer it with integrity, transparency and an unwavering focus on delivering value,” she said.
KPC Managing Director Joe Sang said the listing builds on more than five decades of operational success.
“This listing is anchored on strong leadership, robust cash flows and operational resilience. We are listing from a position of strength,” he said.
According to market data, the listing places KPC among the top companies on the NSE by market capitalization, valued at more than Sh160 billion, making it one of the largest infrastructure companies on the exchange.
National Social Security Fund Kenya emerged as one of the largest institutional investors in the company, while the Government of Kenya retained a 35 percent strategic stake. Regional investors from Uganda and Rwanda also acquired shares, highlighting growing regional participation in Kenya’s capital markets.
The listing marks the first major government privatisation on the NSE since the 2008 listing of Safaricom, signalling renewed efforts to unlock value from state-owned enterprises while strengthening Kenya’s capital markets.
As one of the region’s most strategic energy infrastructure firms, KPC operates an extensive pipeline network that transports and stores petroleum products across Kenya and parts of East Africa, supporting regional energy security and economic growth.