Kenya Reveals Billions Raised From KPC Sale As Rwanda, Uganda Control 21%
Treasury CS John Mbadi said that Kenyans and local institutional investors purchased a total of 7.9 billion shares in the recently completed Kenya Pipeline Company (KPC) Initial Public Offering (IPO).
According to the Treasury CS, regional neighbours led by Uganda and Rwanda also made significant investments in the offer, with the government raising a total of Ksh106.7 billion from the share sale.
Uganda, Rwanda, and other East African Community members bought 3.8 billion of the 12.4 billion shares offered during the IPO at a price of Ksh9 each.
CS Hon. FCPA John Mbadi, EGH (@JohnMbadiN), today officially released the results of the Kenya Pipeline Company (KPC) IPO. The CS said:
— The National Treasury (@KeTreasury) March 4, 2026
• The Kenya Pipeline Company (KPC) IPO marks the first Government led listing at the Nairobi Securities Exchange (NSE) in 17 years, since the… pic.twitter.com/3FNlukOJKX
Rwanda is said to have acquired its allotment from the country’s pension funds.
This comes as Kenya has also announced plans to securitize and use employees’ National Social Security Fund (NSSF) resources for similar diversification purposes.
Mbadi denied that the shares were overvalued, claiming that certain unnamed individuals were attempting to sabotage the process.
He also stated that the government was compelled to reject several offers due to oversubscription, including those from EAC member nations such as Uganda, which expressed an interest in obtaining a larger stake.
Despite the significant regional demand, the government will maintain a 35% controlling position in KPC.
However, the East African Community bloc will now own 21.22 percent ownership, comparable to the 3.8 billion shares bought.
Kenya Pipeline IPO – Post-listing shareholding:
— Mwango Capital (@MwangoCapital) March 4, 2026
—Local institutional investors, including NSSF, will hold 41% of Kenya Pipeline (KPC) following the IPO, making them the largest shareholder group.
—The Government of Kenya will retain a 35% stake, becoming the second-largest… pic.twitter.com/8JoA2QCgfk
Kenyans and local institutional investors bought a total of 7.95 billion shares from the IPO, translating to approximately 67.32 per cent of the total shares on offer.
“We offered 11,812,644,350 shares at 9 shillings each,” the CS said during the IPO results announcement on Wednesday.
Treasury CS John Mbadi says proceeds from the sale of KPC will temporarily go to the Consolidated Fund while the Infrastructure Fund is finalised.
— The Eastleigh Voice (@Eastleighvoice) March 4, 2026
Speaking at the Kenya Pipeline Company results release at Serena Hotel in Nairobi, Mbadi said the Fund will be operational next week… pic.twitter.com/9xpot3EmRi
“The total number of shares applied for stood at 12,486,78,724, translating to an overall subscription rate of 105.7 per cent.”
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Foreign investors, whom Mbadi had earlier dismissed claims that there were hidden plans to fully hand over KPC to, will now own a marginal 0.02 per cent stake in the company.
Under the final allocation structure, local institutional investors will control 41 per cent, retail investors 2.56 per cent, KPC employees 0.06 per cent, and licensed oil marketing companies in Kenya 0.041 per cent, bringing total ownership to 100 per cent.
The company is set to begin trading on the Nairobi Securities Exchange (NSE) from next week, on March 9, becoming the fifth listing on the current trading board.
On concerns about the proposed National Investment Fund (NIF), Mbadi said the funds would first be deposited into the Consolidated Fund before being transferred through parliamentary appropriation.
Kenya Reveals Billions Raised From KPC Sale As Rwanda, Uganda Control 21%
