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Kenne Belgrade: Lead transaction advisor for KPC IPO speaks on the IPO's highs and lows

• Mar 05, 2026 • Nation Nation
Kenne Belgrade, Team Leader at Faida Investment Bank. The lender is the lead transaction advisor for Kenya Pipeline Company (KPC) initial public offer (IPO).
'People told us that there was investor apathy and that investors were not coming in. Today we're talking about 73,000 individual investors in the share register.'

Key Takeaways

  • The KPC IPO was significantly oversubscribed, receiving applications for nearly Sh12.5 billion shares, far exceeding the Sh106.3 billion target.
  • Key successes included strong participation from local institutions and the Ugandan government.
  • Investor apathy was noted among foreign and local individual investors.
  • Oil marketing companies (OMCs) expressed interest in acquiring KPC shares but ultimately hesitated due to factors including court cases, perceived overvaluation, and regulatory delays in their home markets.
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