Kenya's First IPO in Over a Decade Targets $824 Million as Pipeline Firm Enters Market

The upcoming IPO, led by a prominent Kenyan pipeline services provider, represents the country’s largest equity offering since 2014 and signals renewed investor confidence in infrastructure development. The firm aims to raise $824 million by offering shares on the Nairobi Securities Exchange (NSE), with the listing expected to occur in early 2026. This transaction underscores growing appetite for long-term, asset-backed investments in East Africa’s emerging markets. The company, which operates critical natural gas and liquid transport networks across Kenya and neighboring regions, has reported steady revenue growth over the past three years, with earnings before interest, taxes, depreciation, and amortization (EBITDA) reaching KSh 12.3 billion ($98 million) in FY2025. The IPO will represent approximately 25% of the company’s total equity, with proceeds earmarked for expanding pipeline capacity, upgrading existing infrastructure, and financing new ventures in renewable energy integration. Regulatory approval from the Capital Markets Authority (CMA) was granted in December 2025, paving the way for the final prospectus filing. Market analysts expect strong demand from institutional investors across Africa and international funds focused on infrastructure and sustainable development. The event could catalyze further listings in the region, particularly in logistics and energy sectors, and may influence future regulatory reforms aimed at improving capital access for private firms.