The Lower Eastern Times Opening The Third Eye
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The application window for the Kenya Pipeline Corporation (KPC) Initial Public Offer (IPO) has officially closed, marking the end of submissions for one of the country’s most highly anticipated public share sales in recent years.
The Privatisation Authority had issued a final call to investors ahead of the 24th Feb, 5pm deadline, urging them to complete their applications before the cut-off time. Officials made it clear that no further extensions would be granted beyond the set deadline.
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The IPO generated strong interest from both retail and institutional investors eager to acquire shares in the state-owned energy infrastructure firm. The government offered 11.81 billion ordinary shares at Sh9 each, amounting to a 65 per cent stake in the company.
To widen participation, applications were facilitated through multiple channels, including an online e-offer portal, USSD mobile services, and the Ziidi Trader feature on the M-PESA app. The use of digital platforms was intended to streamline the process, reduce paperwork, and make it easier for Kenyans across the country to invest.
The offer period had earlier been extended by three days after receiving approval from the Capital Markets Authority (CMA). Initially set to close on February 19, the extension followed public engagement forums under the government’s privatisation programme, where retail investors requested more time to finalise their decisions.
Regulators said the extension aligned with the government’s goal of expanding local share ownership and promoting broader participation in the capital markets. Acting Managing Director of the Privatisation Authority, Janerose Omondi, noted that the additional days were meant to boost inclusivity and transparency.
The extension also came after the CMA approved the integration of electronic Central Depository System (CDS) account opening into the IPO platform. This upgrade allowed first-time investors to open CDS accounts seamlessly while applying for shares, lowering entry barriers.
With the offer now closed, the process moves to the allocation phase. Results are expected on March 4, with successful applicants set to receive shares directly into their CDS accounts. Refunds for unsuccessful or partially successful applications will be processed by March 6.
Trading of KPC shares on the Nairobi Securities Exchange is scheduled to begin on March 9, marking a key step in the government’s broader privatisation strategy aimed at strengthening capital markets, improving transparency in public enterprises, and enabling citizens to invest in national assets.
Market observers say the strong turnout during the offer period reflects growing confidence among retail investors in government-backed listings.
