The Kenyan Wall Street in partnership with Nairobi Securities Exchange Trading Bell hosted Kenya Pipeline Company (KPC) Managing Director Joe Sang alongside key figures from the privatization and advisory teams to discuss the company’s highly anticipated Initial Public Offering (IPO) — Kenya’s largest since Safaricom’s 2008 listing. The session, broadcast live on X and YouTube, provided investors with direct insights from the lead transaction advisor and the MD as KPC shifts from a fully state-owned corporation to a publicly listed entity on the Nairobi Securities Exchange (NSE).
- •The government is offering 65% of KPC’s shares (approximately 11.81 billion ordinary shares) at KES 9 per share, targeting to raise KES 106.3 billion (~$825 million) — East Africa’s biggest IPO in local-currency terms.
- •This marks the first major state divestiture in nearly two decades under the 2025/2026 privatization program, with the government retaining a 35% stake to safeguard national interests.
- •The offer prioritizes retail investors and is Kenya’s first fully electronic IPO.
Joe Sang underscored KPC’s 52-year legacy as Kenya’s critical fuel transporter, operating pipelines from Mombasa to the hinterland and serving the broader East African region. He highlighted the infrastructure’s efficiency: the Mombasa–Nairobi pipeline alone removes nearly 33,000 trucks from roads annually, easing congestion, boosting safety, and powering economic growth.Sang emphasized the listing’s transformative benefits:
“We are now moving from a state corporation to a listed company... This will shift many things; the speed of execution is not as fast as that of private sector, therefore the agility to make decision will now be faster.”
The transition promises enhanced governance, quicker decision-making, employee share ownership incentives, and greater operational flexibility to pursue diversification — including fiber optics, LPG storage, and regional energy projects amid growing East African fuel demand.
Joined by representatives from the Privatisation Authority and lead advisor Faida Investment Bank, the discussion framed the IPO as a milestone for deepening Kenya’s capital markets, attracting foreign capital, and aligning with national fiscal goals to reduce debt reliance.
With the NSE up over 50% in the past year, the timing supports strong investor appetite for stable, infrastructure-backed assets like KPC.
READ; Kenya Pipeline IPO Prices At KSh 9 per Share, Valuing State Fuel Transporter At KSh 163.6 Billion
