Treasury Cabinet Secretary John Mbadi has revealed that Kenyans and local institutional investors snapped up 7.9 billion shares in the recently concluded Initial Public Offer (IPO) of the Kenya Pipeline Company (KPC).
The CS indicated that regional investors, particularly from Uganda and Rwanda, also participated significantly, pushing total proceeds from the share sale to Ksh106.7 billion.
Out of the 12.4 billion shares placed on the market at Ksh9 each, investors from Uganda, Rwanda, and other East African Community (EAC) member states secured a combined 3.8 billion shares.
National Treasury CS, John Mbadi speaking at the launch of the Kenya Pipeline Corporation’s Initial Public Offering (IPO) on January 19, 2026. /NATIONAL TREASURY & ECONOMIC PLANNING
Rwanda reportedly channelled its investment through national pension funds, a move that mirrors Kenya’s recently unveiled plan to securitise and deploy savings held under the National Social Security Fund (NSSF) to diversify investments.
Mbadi brushed off assertions that the IPO was overpriced, maintaining that a section of unnamed actors had sought to derail the transaction.
He further disclosed that the government had to turn away some applications due to oversubscription, including additional bids from EAC countries such as Uganda, which had sought to increase its stake.
Even with the strong regional appetite, the State will retain a 35 per cent controlling interest in KPC. The EAC bloc will collectively hold 21.22 per cent, equivalent to the 3.8 billion shares allocated.
Locally, Kenyans and institutional investors acquired 7.95 billion shares, representing about 67.32 per cent of the total offer.
“We offered 11,812,644,350 shares at 9 shillings each. The total number of shares applied for stood at 12,486,78,724, translating to an overall subscription rate of 105.7 per cent,” the CS stated during the IPO results announcement on Wednesday.
Foreign investors — amid earlier speculation that the State intended to relinquish full control of KPC — will ultimately hold just 0.02 per cent of the company.
Under the final allocation framework, local institutional investors will command 41 per cent, retail investors 2.56 per cent, KPC staff 0.06 per cent, and licensed oil marketing firms in Kenya 0.041 per cent, bringing the total shareholding to 100 per cent.
KPC is scheduled to list on the Nairobi Securities Exchange (NSE) next week, becoming the fifth company to join the current trading board.
