Kenya Pipeline IPO extended to Tuesday

Key Takeaways

• The Kenya Pipeline Company (KPC) IPO has been extended by three days to next Tuesday due to a struggle to meet its Sh106.3 billion sale target.
• Only about 20% (nearly Sh23 billion) of the offer had been sold by Tuesday, with high-net-worth investors failing to make payments and split views on the company's valuation cited as reasons.
• The IPO must raise at least Sh53.1 billion (50% of the offer shares) to proceed, with shares priced at Sh9 each.
• The sale of a 65% stake in KPC is part of the government's strategy to divest from State companies and secure funding to alleviate high national debt.