Kenya plans to raise 106.3 billion shillings ($824.1 million) from the initial public offering of Kenya Pipeline Co., marking the country’s first IPO since 2015.
President William Ruto’s government will offer 11.8 billion shares, representing about 65% of the state-owned company, valuing it at 163.6 billion shillings. The sale opens on January 19 and closes on February 19.
The IPO aims to support infrastructure financing as Kenya grapples with high debt. Kenya Pipeline posted a 65% jump in pre-tax profit to 16.5 billion shillings in the year through June, operating a 1,342-kilometer network capable of transporting 14 billion liters of petroleum products annually.
