Kenya has successfully raised KES 106.3 billion (about $824 million) from the sale of shares in the state-owned Kenya Pipeline Co., marking the country’s first major public offering in over ten years.
The strong investor interest signals confidence in the energy sector and the wider economy, with officials saying the funds will support government projects and infrastructure.
According to Faida Investment Bank Ltd., which helped manage the sale, the offer attracted more buyers than the shares available — meaning it was oversubscribed.
Analysts say the successful listing could encourage more state companies to sell shares to the public in future and deepen Kenya’s capital markets.