Shri Krishana Overseas Ltd (SKL), a Nairobi‑based manufacturer of packaging materials, has announced plans to build a state-of-the-art production plant in Kajiado County following its successful listing on the Nairobi Securities Exchange (NSE) on July 24, 2025.
The company’s debut on the NSE SME Market Segment Kenya’s first packaging firm to list since 2020 marks a milestone in its strategic growth and a clear signal of investor confidence in Kenya’s packaging sector.
SKL listed 50.5 million ordinary shares at KSh 5.90 each, valuing the transaction at approximately KSh 298 million. Of these, 8.7 million shares were floated to the public, satisfying NSE’s minimum public float requirements without raising fresh capital.
The listing was conducted by introduction, enabling existing shareholders to gain liquidity while elevating market visibility.SKL’s founders, Dr. Sonvir Singh and Nirmal Chaudhary, have driven a rapid transformation of the firm, scaling from modest origins in 2009 to serving clients in manufacturing, horticulture, agriculture, FMCG, and industrial sectors from its Imara Daima base, with a workforce of over 150 and 48 advanced carton manufacturing machines.
SKL’s management underscores that the NSE listing will enable the company to accelerate its expansion plans, strengthen governance, and attract institutional as well as retail investor participation.
This alignment with the NSE’s strategic plan to attract high‑potential SMEs and deepen retail participation reflects broader efforts to revive activity in Kenya’s equity markets.
Central to SKL’s growth strategy is the construction of a new packaging plant in Kajiado County, which is already 70 percent complete as of February 2025. Once operational, the facility will scale SKL’s annual capacity from 2,400 tonnes to 24,000 tonnes effectively a tenfold increase and is financed with support from SBM Bank.
The expansion is needed to meet mounting demand across floriculture and FMCG sectors while positioning SKL to become a leading producer of eco‑friendly packaging solutions.
Financially, SKL has posted impressive growth over the past four years: revenue rose from KSh 130.2 million in 2021 to KSh 309.9 million in 2024 a 138 percent jump albeit with year‑on‑year growth tapering to 1.2 percent in 2024, underscoring the urgency of capacity expansion.
Profit margins improved sharply in 2024, climbing to 31.6 percent driven by operational efficiencies. Despite robust growth, analysts caution about liquidity pressures tied to elevated debt and rapid asset build‑out ahead of revenue realization.
Market analysts view SKL’s listing as a milestone for Kenya’s SME ecosystem and manufacturing sector, potentially serving as a catalyst for other family‑owned businesses to access capital markets.
The company’s green and scalable packaging profile aligns with rising demand for sustainable, local industrial solutions.
As SKL transitions into a public company, it faces the challenge of managing its rapid expansion and ensuring financial discipline. The Kajiado plant will test its operational and management capabilities while potentially transforming Kenya’s packaging capacity landscape. If successful, SKL’s trajectory could inspire a wave of similar SME listings and bolster the visibility of manufacturing across Kenya’s capital markets.
Written By Ian Maleve
