NAIROBI, Mar 4 – Kenya Pipeline Company’s initial public offering attracted strong demand, achieving a 105.7 percent subscription rate, according to Finance Minister John Mbadi.
The oversubscription marks a significant milestone for one of Kenya’s key state-backed energy infrastructure firms, which operates the country’s petroleum transport network.
Local participation dominated the offering. Kenyan retail and institutional investors were allocated 67.32 percent of the shares on offer, underscoring robust domestic appetite despite earlier skepticism surrounding the transaction.
The IPO had faced headwinds in the lead-up to pricing. Some banks had flagged lower valuation expectations, the offer period was extended, and sections of local media reported muted investor enthusiasm.
Nevertheless, the final subscription figures point to renewed confidence in Kenya’s capital markets and in the long-term fundamentals of strategic energy infrastructure assets.
The company is expected to list on the Nairobi Securities Exchange following the completion of the offer process, marking one of the most closely watched listings on the Nairobi bourse this year.
