National Treasury Cabinet Secretary John Mbadi has said the successful Initial Public Offering (IPO) of Kenya Pipeline Company (KPC) marks a key milestone in strengthening Kenya’s infrastructure financing model through capital markets.

Speaking during the handover of IPO proceeds at a privatisation authority event on Friday, April 24, 2026, Mbadi said the listing will support long-term national development priorities through the National Infrastructure Fund (NIF).

“The National Infrastructure Fund is the engine to scale up and accelerate development of catalytic national infrastructure, including transport networks, electricity generation, transmission and distribution, and agribusiness infrastructure,” he said.

KPC IPO performance and investor participation

The Kenya Pipeline Company IPO is the first major government-led listing on the Nairobi Securities Exchange in 17 years, following Safaricom’s 2008 listing.

The offer, which ran from January 19 to February 24, 2026, involved approximately 11.81 billion shares priced at Ksh9 each. It attracted applications for more than 12.49 billion shares, representing a 105.7 per cent oversubscription.

More than 70,000 investors participated in the offer. Kenyan investors were allocated 67.3 per cent of the shares, while investors from the East African Community, including Uganda and Rwanda, received 32.7 per cent.

Mbadi said the process reflected structured public asset management and adherence to accountability standards, noting the role of parliamentary oversight and public participation in the transaction.

National Infrastructure Fund allocation

Mbadi confirmed that proceeds from the IPO have been transferred as seed capital to the National Infrastructure Fund.

He said the fund will be used to finance infrastructure projects, including highways, railways, ports, energy systems, irrigation schemes, and agribusiness-related infrastructure.

“The NIF will play a critical role in mobilising long-term financing, attracting private investment, and reducing reliance on debt and taxation for development,” he said.

He added that the approach aligns with ongoing reforms aimed at diversifying sources of public financing and strengthening economic resilience.

Economic context and market outlook

The Treasury CS linked the IPO to broader economic reforms, including improved sovereign credit ratings and recent liability management operations.

He said the listing demonstrates how government can leverage capital markets to raise development financing while maintaining strategic control over key public assets.

Trading of KPC shares on the Nairobi Securities Exchange is expected to begin following the completion of listing procedures.

The development is expected to enhance investor confidence and support future government-led listings as part of Kenya’s infrastructure financing strategy.