The Kenya Pipeline Company (KPC) Initial Public Offering (IPO) has been extended by three working days, with the offer now closing on Tuesday, February 24, 2026, at 5:00 p.m.

The Capital Markets Authority (CMA) approved the extension, which was announced through the Supplementary Information Memorandum dated February 19, 2026.

The move comes after the original closure date of February 19, amid slower-than-expected subscription uptake, as the government seeks to encourage broader retail participation in the sale of a 65 percent stake in the strategic energy infrastructure firm.

“Following investor feedback, broad-based ownership objectives, governance alignment, and recognition of KPC’s regional role, the Capital Markets Authority (CMA) approved an extension of the offer period to encourage greater retail participation.”

“Updated timetable (all other terms unchanged). Offer Period Opens 19 January 2026 19 January 2026. Offer Closes 19 February 2026, 24 February 2026,” read the KPC X post in part.

Core terms of the offer remain unchanged. The government is selling 11,812,644,350 ordinary shares at Ksh9.00 per share, with a par value of Ksh0.02. No new shares are being issued, and KPC itself will not raise fresh capital.

Trading on the Nairobi Securities Exchange (NSE) is scheduled to start on March 9, 2026, with allocation results announced on March 4 and share crediting or refunds processed by March 6.

Legal clearance and governance updates

The supplementary memorandum highlights key updates addressing investor concerns. Most petitions challenging the constitutionality of the Privatisation Act have been dismissed, removing a major legal risk noted in the original Information Memorandum of January 17, 2026. One remaining petition saw the presiding judge recuse himself due to prior related rulings.

To strengthen governance and regional alignment, amendments to the Articles of Association were approved by the Cabinet Secretary for the National Treasury.

These give the Government of Uganda nomination rights for at least two directors if it holds 20 percent or more of the shares. Certain reserved matters now require affirmative votes from both Kenyan and Ugandan government-appointed directors.

Board composition will also better reflect regional interests, enhancing minority protections and long-term stability without altering existing voting rights or introducing new share classes.

Investor window remains open

KPC continues to operate as a Public Company Limited by Shares incorporated in Kenya. The extension responds to investor feedback, emphasising the government’s push for inclusive ownership and wider market participation.

Reports indicate the IPO, valued at around Ksh06 billion, faced challenges in meeting full subscription targets, prompting additional time for both retail and institutional investors to apply.

Applications can be submitted through banks, online platforms such as kpcipo.e-offer.app, or USSD codes like 483816#.

Investors are advised to read the supplementary memorandum alongside the original Information Memorandum and consult licensed financial advisors, stockbrokers, or investment professionals for guidance.