Kenya Opens KPC to Public Ownership in Historic NSE e-IPO

Nairobi, January 19, 2026 — Kenya has formally opened one of its most strategic state assets to public ownership after the National Treasury on Monday launched the Kenya Pipeline Company (KPC) Initial Public Offering at the Nairobi Securities Exchange, marking the largest IPO in the country’s history and the first to be conducted electronically.

Under the offer, the Government is selling 65 percent of KPC’s 11.8 billion issued ordinary shares at Sh9 per share, a move that will significantly dilute state ownership in the petroleum transporter and usher the company into the public markets for the first time.

The offer period runs from January 19 to February 19, with trading of KPC shares expected to begin on March 9, subject to regulatory clearances. The broader privatisation process is slated to conclude by the end of March.

Treasury Cabinet Secretary John Mbadi said the listing was a cornerstone of the government’s state-owned enterprise reform agenda, aimed at broadening citizen ownership while deepening capital markets.

“This IPO is about transforming a wholly state-owned enterprise into a people-owned company,” Mbadi said during the launch ceremony in Nairobi, adding that the transaction would strengthen both KPC and the Nairobi Securities Exchange.

The IPO includes an Employee Share Ownership Plan, with five percent of the offer shares reserved for eligible KPC staff, allowing workers to acquire a direct stake in the company’s future performance.

Privatisation Authority chairman Faisal Abass described the transaction as a test case for transparent and technology-driven privatisation, noting that the electronic structure was designed to widen access and improve governance.

KPC becomes the first company to list through an e-IPO at the NSE, coming at a time when the bourse has recorded renewed momentum, with market capitalisation surpassing Sh3 trillion late last year  .

Proceeds from the sale will go directly to the Exchequer and form part of the government’s financing plan for the 2025/26 financial year. Treasury said the funds will support priority sectors including energy, roads, water and irrigation, airports, and broader fiscal consolidation efforts.

The offer is open to Kenyan retail and institutional investors, East African Community investors, oil marketing companies, KPC employees, and international investors, in line with capital markets regulations.

Founded in 1973, KPC operates more than 1,300 kilometres of petroleum pipelines and is central to Kenya’s fuel supply chain and regional energy trade. The company is among the country’s most profitable state corporations, reporting revenues of Sh38.6 billion and net profits of Sh10.37 billion for the year ended June 2025.

Upon completion of the IPO, KPC will transition from a state corporation to a publicly listed firm on the NSE’s Main Investment Market Segment, fundamentally reshaping ownership of a key national infrastructure asset.