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President William Ruto on Tuesday rang the bell at the Nairobi Securities Exchange (NSE), officially marking the start of trading for shares offered through the Kenya Pipeline Company (KPC) Initial Public Offering (IPO).
The bell-ringing ceremony, a symbolic tradition often carried out by the Head of State, celebrated the successful completion of one of the largest public share sales ever conducted in Kenya.
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With the ceremony, KPC shares officially began trading on the NSE’s Main Investment Market Segment after the IPO attracted strong investor interest, closing at 105.7 percent oversubscription.
The listing also completes the government’s partial privatisation of the company, with 65 percent of KPC shares sold to the public, generating about Sh106 billion.
Speaking on March 9, President Ruto said the funds raised from the IPO will serve as the starting capital for the National Infrastructure Fund, which is expected to finance key development projects across the country.
He noted that the government has long planned to create a financing structure that allows viable infrastructure projects to secure funding from alternative sources instead of depending entirely on public finances.
“I couldn’t put it much more clearly and succinctly than it is stated in our manifesto. And I want to quote it for you. This is a manifesto written four years ago,” Ruto said.
According to the President, listing Kenya Pipeline Company on the NSE represents the first major milestone toward implementing that plan.
“Today, we are doing exactly that. The National Infrastructure Fund is here,” he said.
The fund is expected to support large-scale projects including roads, energy systems, ports, and other infrastructure that drives economic growth. By attracting private investment into these projects, the government hopes to ease pressure on public funds while speeding up development.
Ruto added that although the outcome may seem very precise, it reflects long-term planning and policy commitments made by the administration.
“It looks too exact to be real, but that is what it is,” he said.
The government believes the new National Infrastructure Fund will help draw both local and international investors while establishing a more sustainable model for financing Kenya’s development plans.
