Kenya Pipeline Company is offering 11,812,644,350 shares to the public in an Initial Public Offer(IPO) that opened on January 19th 2026 and closes in February 19th 2026. According to a statement from Kenya Pipeline, announcement of allocation results will be on March 4th 2026. Trading of Kenya Pipeline Shares is set for March 9th 2026.
Processing of refunds will be on March 6th 2023 which is also the day electronic crediting of shares to CDS Accounts will take place.
Kenya Pipeline is expected to be a attraction of domestic and foreign investors due to its vast pipeline network that measures 1,342 kilometres with a current storage capacity of 1,138,324 cubic metres.
The Kenya Pipeline IPO has a price of KSh 9.00 per share. Coming soon after Parliament approved a sessional paper on the privatization of Kenya Pipeline Company this month, the Government is moving full steam ahead as the deadline for the Initial Public Offer(IPO) transaction of March 2026 beckons.
The 52-year old State-Owned Monopoly, with a net profit of KSh 10 billion as at 30th June 2024, is one of the Government’s priceless family jewels. The state owns a 99.9% stake held by National Treasury while 0.1% of the pipeline firm is owned by the Ministry of Energy and Petroleum.
Apart from the domestic market, the pipeline run by KPC serves the neighbouring Uganda, Rwanda. Eastern DRC, Northern Tanzania, Burundi and South Sudan.
Kenya Pipeline Company: What it Owns
The State-owned firm owns 1,342 km of pipeline traversing the country from Mombasa to the hinterland, 884,000 cubic meters’ capacity storage facilities at 7 locations, 11 pump stations, 2 aviation hydrant refuelling facilities at the Jomo Kenyatta and Moi International Airports, 5 truck and rail loading facilities and 2 oil and gas marine terminals at Mombasa port and Lake Victoria in Kisumu.
According to a brief from the Privatization Commission, the KPC IPO will among others enable Kenyans to own a stake in a profitable state enterprise, improve its operational efficiency and raise cash needed to support development of critical infrastructure, while also reducing reliance on the national exchequer.
Market watchers maintain that the oil pipeline firm’s IPO will be an interesting and toxic cocktail of vested business interests blended with and a heavy dose of political influence peddling and acidic rhetoric.
The Privatisation Commission had fixed March 31st, 2026 as the date by which the Government of Kenya should have divested a 65.0% stake from Kenya Pipeline Co.
The Commission, which is the implementing agency for Kenya’s Privatization Program, said the Lead Transaction Advisor will be responsible for coordinating the entire Kenya Pipeline IPO process, including overseeing all other advisors. The closing date for this tender is 21st October 2025.
Kenya Pipeline Financials
According to its 2024 Financial Statements, Kenya Pipeline made a Net profit of KSh 6,867,249,974 from KSh 4,499,427,944 in 2023. Its Revenues jumped to KSh 35.4 billion from KSh 30.9 billion in 2023 while the corporation’s Gross Profit hit KSh 10 billion from KSh 7.6 billion in 2023.
However, Kenya Pipeline Balance Sheet shrunk to KSh 120.7 billion in 2024 from KSh 128.9 billion in 2023 and KSh 129.8 billion in 2022.
The firm has been bleeding cash, to finance its acquisition of Kenya Petroleum Refineries Limited (KPRL) as well as upgrade its old networks. The oil pipeline firm is banking on KPRL’s large tracks of land to use for future business expansion.
The upgrade of the flowrate in the Nairobi to Eldoret line (Line 4) is also ongoing to meet a surging demand for local consumers and exporters.
Initially covering Nairobi-Mombasa, the state enterprise now runs a vast pipeline network that runs for 1,342 kilometres, connecting Mombasa to Nairobi and extending to Nakuru, Eldoret, and Kisumu.
KPC has been a game changer in Kenya’s energy sector, significantly reducing reliance on costly and inefficient fuel transport by road.
Today, the corporation runs a robust and evolving petroleum infrastructure that drives Kenya’s industrial and economic growth engines.
KPC has demonstrated a robust financial performance with consistent growth. Revenue increased from KSh 28.0 billion in FY2021 to KSh 38.6 billion in FY2025, reflecting rising petroleum throughput and increased utilisation of its infrastructure.
The company has shown a strong turnaround, moving from a net loss in FY2021 to a profit for the year of KSh 7.49 billion in FY2025.
Earnings Per Share for FY2025 stood at KSh 412.
Net cash flow from operating activities was strong, recorded at KShs14.3 billion for the year ended 30 June 2025, underscoring the company’s solid cash-generating capabilities. he company holds a dominant position in the East African petroleum logistics market, with its pipeline network offering a more secure, cost-effective, and efficient alternative to road and rail transport.
Post-listing, KPC said it intends to adopt a progressive dividend policy, committing to distributing fifty per cent (50%) of its net earnings as dividends, subject to financial performance and investment needs.
The gross proceeds, estimated at approximately KSh 106.3 billion (assuming full subscription), from the IPO will accrue to the Government of Kenya.
Treasury plans to allocate the proceeds towards financing the national budget, with a focus on critical and commercially viable infrastructure projects.
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