Kenya Plans IPO for State-Owned Pipeline Firm in Privatization Push
TLDR
- Kenya will list the Kenya Pipeline Company (KPC) on the Nairobi Securities Exchange (NSE) in 2025, President William Ruto said
- The move is part of a broader plan to privatize state-owned enterprises and deepen Kenya’s capital markets
- The plan is backed by the Privatisation Act, 2023, which mandates Cabinet approval and oversight from the Privatisation Authority
Kenya will list the Kenya Pipeline Company (KPC) on the Nairobi Securities Exchange (NSE) in 2025, President William Ruto said during the opening of the London Stock Exchange. The move is part of a broader plan to privatize state-owned enterprises and deepen Kenya’s capital markets.
Ruto said the listing is aimed at attracting both local and foreign investors by offering shares in key state assets through IPOs. The plan is backed by the Privatisation Act, 2023, which mandates Cabinet approval and oversight from the Privatisation Authority.
KPC manages petroleum transport and storage infrastructure across Kenya and the wider East African region. Its IPO is expected to bring new capital, improve transparency, and increase operational efficiency.
The government is implementing a structured timeline to identify and execute the privatization of selected entities. If successful, the KPC IPO would be one of the most significant listings in Kenya’s recent market history.
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Key Takeaways
Kenya’s listing of KPC could pave the way for more state-owned companies to go public, aligning with trends seen in countries like Saudi Arabia and Nigeria. Aramco’s IPO in 2019 and MTN Nigeria’s listing in 2021 both aimed to raise funds and increase market participation. Kenya’s capital markets have lagged in recent years, with few IPOs and reduced foreign investor activity. According to the World Bank, domestic market capitalization in Kenya fell from 48% of GDP in 2013 to around 22% in 2022. A successful KPC listing could reverse this trend, signaling renewed government commitment to financial market reforms and providing new opportunities for institutional and retail investors alike.
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