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By benadeta mwaura - Reporter
Kenya, January 21, 2026 - Kenyans now have a rare opportunity to buy shares in the Kenya Pipeline Company (KPC) as its Initial Public Offering (IPO), one of the largest in the country’s history, unfolds on the Nairobi Securities Exchange (NSE). The offer opened on 19 January and will run until 19 February 2026, giving investors a one- month window to participate in the sale of approximately 11.81 billion shares at KSh 9 each.
The government is selling a 65 % stake in KPC to raise about KSh 106.3 billion for national infrastructure projects, with diversity in ownership one of the central goals of the privatisation plan. Investors must have a Central Depository System (CDS) account, a mandatory securities holding account, before applying.
These accounts can be opened through a licensed stockbroker or investment bank ahead of the offer’s deadline. There are two main ways to apply:
1. USSD Mobile Application
Retail investors can apply directly from their mobile phones by dialling *483*816#, selecting the KPC IPO option, entering their CDS account number, and completing payment via M-Pesa. This option is designed for convenience and speed for individual participants.
2. Online Portal Application
All investor categories, including institutional and international investors, can apply through the official electronic IPO portal at kpcipo.e-offer.app. Applicants enter their CDS account details, select the number of shares, and make payments via M-Pesa, bank transfer, or electronic funds transfer (EFT).
The minimum application requirement is 100 shares (equivalent to KSh 900), making this IPO accessible even to small investors. Shares will be electronically credited to applicants’ CDS accounts after allocation, and formal trading on the NSE is expected to begin on 9 March 2026.
The IPO has been structured to distribute share ownership across multiple investor categories to broaden participation:
1. Local retail investors
2. Local institutional investors
3. Regional (East African Community) investors
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4. Foreign and international investors
5. Oil marketing companies (OMCs)
6. KPC employees
Each of these investor segments has been allocated a portion of the shares, with local and regional investors each having significant allocations under the IPO framework. Foreign investors can participate in the KPC IPO, but there are regulatory selling restrictions outlined in the official prospectus to comply with international securities laws.
Under these rules:
The IPO is not open to U.S. investors (under the U.S. Securities Act) or to investors in some jurisdictions including Canada, Australia and Japan, unless those investors qualify under specific exemptions. In jurisdictions such as the United Kingdom, the European Union (EU) and South Africa, access may be limited to qualified institutional or professional investors under local regulatory exemptions rather than general retail participation.
The offer is principally targeted at public investors in Kenya and the East African region, but qualified international investors can participate within the boundaries of these legal restrictions. These measures are typical in large cross-border share offers and are designed to ensure compliance with each jurisdiction’s securities laws while still allowing broad access to institutional capital.
After the offer closes on 19 February 2026, shares will be allocated, with refunds issued to oversubscribed applicants where necessary, before shares are credited to investors’ CDS accounts. Once listed and trading begins on the Nairobi Securities Exchange, shareholders can either hold their positions for potential dividends and long-term value growth, or trade them at market prices.
This IPO not only represents a major milestone for Kenya’s capital markets but also opens the door for retail and institutional investors, both local and international, to own a stake in one of East Africa’s most strategic energy infrastructure companies.
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