KPC IPO oversubscribed, raising Sh106bn for State

Key Takeaways

• Kenya Pipeline Company's IPO was oversubscribed by 105.7%, raising Sh106 billion for the Kenyan government.
• The majority of subscriptions came from local institutional investors and East African Community (EAC) investors.
• The IPO, priced at Sh9 per share, is seen as a success and a reflection of Kenya's mature economy by the National Treasury Cabinet Secretary.
• The government will refund Sh5.4 billion due to investors applying for 12.4 billion shares against the offered 11.8 billion shares.