Shri Krishana Overseas Ltd (SKL), a leading packaging solutions provider based in Nairobi, is set to make history as the first packaging company to list on the Nairobi Securities Exchange (NSE).
- •The company plans to list 50.5 million ordinary shares by introduction on July 24, 2025, on the NSE’s SME Market Segment, with an offer price of KSh 5.90 per share.
- •Of these, 8.7 million shares will be made available to the public upon listing. As a result, the total listing value will amount to approximately KSh 298 million.
- •SKL operates two core divisions: packaging and footwear: Its packaging line includes corrugated boxes, tray packaging, labels, tapes, and custom containers.
Founded in 2009 by Dr. Sonvir Singh and Nirmal Chaudhary, SKL has grown from a small enterprise into a major player in Kenya’s packaging sector. Operating from Imara Daima, the company employs over 150 people and operates 48 advanced carton manufacturing machines. Today, it serves diverse sectors such as manufacturing, floriculture, agriculture, and FMCG, offering a broad product range including corrugated boxes, mono-boxes, labels, tapes, and printing services.
A Strategic Leap Into Capital Markets
Dr. Sonvir Singh, SKL Managing Director and Co-founder, described the listing as a pivotal step in the company’s expansion journey:
“Listing on the NSE’s SME Market Segment is a strategic decision that will provide SKL with access to capital markets. It enables us to raise funds and accelerate our future expansion plans, while also presenting opportunities for investors seeking to participate in Kenya’s packaging sector.”
Moreover, he explained that the packaging industry is expanding sustainably, fueled by growing demand from manufacturing and floriculture. To meet this demand, SKL is finalizing construction of a state-of-the-art plant in Kajiado County. As of February 2025, the facility had reached 70% completion and is set to increase SKL’s production capacity tenfold — from 2,400 tonnes to 24,000 tonnes annually — supported by financing from SBM Bank.
Kenya’s packaging market, valued at KSh 65.8 billion (US$585 million) in 2021, continues to evolve. The sector is increasingly driven by eco-conscious consumers and businesses, and it is shifting toward digital printing, smart labeling, and environmentally friendly materials that reduce waste and enhance supply chain transparency.
Boost to Governance and Sustainability
Kumar Sheth, a corporate finance expert at IM Consulting Services Ltd, who advised SKL throughout the listing process, emphasized the long-term impact:
“This listing will enhance corporate governance and stakeholder trust — key pillars for long-term sustainability, particularly for family-run businesses entering public markets.”
Importantly, SKL’s rise reflects a broader story of resilience and innovation. After arriving in Kenya in 2006, Dr. Singh partnered with Chaudhary in 2013 to formally launch SKL. Remarkably, the business recorded a 4,000% turnover growth in its first year and continued expanding through the COVID-19 pandemic, serving clients like East Africa Growers and Dinlas Pharma Ltd.
Frank Mwiti, Chief Executive Officer of the Nairobi Securities Exchange, praised SKL’s bold move:
“SKL’s upcoming listing is a testament to its strong fundamentals and growth potential. It will offer the company access to both domestic and international investors, boost liquidity, and enhance brand visibility. This aligns with the NSE’s 2025–2029 Strategic Plan to help high-potential SMEs raise capital, scale, and institutionalize.”
He further noted that SKL’s success could inspire more SMEs to explore public listings as a pathway for growth.
Meanwhile, its footwear arm — branded as “SKL Shoes” — delivers affordable, durable options for local and regional markets. The company’s mission is anchored in affordability, innovation, and environmental sustainability.
As SKL prepares for its NSE debut, this move reflects rising investor interest in Kenya’s industrial base. It also underscores the strategic role of SMEs in deepening capital markets. Many see the firm as a test case for successful family-owned businesses scaling through public listing.
Advisory Consortium
A consortium of expert advisors guided the listing process. Synesis Capital served as the lead transaction advisor. The advisory team also included:
- •MWC Legal (Legal Advisor)
- •Afrek & Associates (Reporting Accountants)
- •Image Registrars Ltd (Company Secretary and Registrar)
- •Prakash Associates (Auditors)
- •8 Ball Media (Public Relations Partner)
