President William Ruto has welcomed the successful outcome of the initial public offering (IPO) by the Kenya Pipeline Company (KPC), describing it as a major milestone in the government’s privatisation agenda and economic reform programme.
Speaking at State House Nairobi after receiving a briefing on the outcome of the offer, the President noted that the IPO the first in Kenya in 17 years achieved an overall subscription of 105 percent, signaling strong investor confidence in the country’s economic recovery and reform efforts.
“I am pleased by the successful outcome of the Kenya Pipeline Company IPO, the first initial public offering in Kenya in 17 years, whose overall subscription reached 105 percent, reflecting strong confidence by investors and the market in our privatisation agenda and economic turnaround programme,” President Ruto said.
The President also welcomed the high level of participation by local investors, noting that more than 67 percent of the subscribers were Kenyans, investing individually and through institutions.
“This strong participation by Kenyan investors broadens public ownership of national assets while promoting diversification of wealth and equal opportunity for our citizens,” he said.
President Ruto further pointed to growing regional confidence in Kenya’s economy, citing participation by investors from the East African Community.
“We are encouraged by the strategic regional participation from EAC investors, including Uganda and Rwanda, which underscores growing regional confidence in our economy and positions KPC as a truly regional energy infrastructure company,” he added.
The Head of State reiterated that the funds raised through the IPO will be directed to the National Infrastructure Fund (NIF) to support key development projects across the country once Parliament approves the operationalisation of the fund.
“The proceeds from this IPO will be channeled to the National Infrastructure Fund to support the development of critical national infrastructure, subject to Parliament’s approval of its operational framework,” the President said.
The government has in recent months intensified its privatisation drive as part of broader economic reforms aimed at attracting investment, improving efficiency in state-owned enterprises, and accelerating national development.
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