The Government of Kenya has officially launched the Kenya Pipeline Company Limited (KPC) Initial Public Offering (IPO) at the Nairobi Securities Exchange (NSE), marking the country’s largest IPO and its first fully electronic public offering.
The government is offering 65% of KPC’s ordinary shares at KSh 9 per share, valuing the company at KSh 163.6 billion.
The move opens ownership of one of Kenya’s most strategic energy infrastructure assets to local, regional, and international investors.
It also represents the Government’s first state-led market listing in 17 years, since the Safaricom IPO of 2008.
How to Buy KPC Shares on NSE
The Nairobi Stock Exchange outlines key steps to be followed when buying shares.
Investors interested in buying in the IPO can follow these steps:
Open a CDS Account
A Central Depository System (CDS) account is required to hold shares electronically.
A CDS account can be opened through NSE licensed brokers, participating banks, or an online investment platform since it’s required and
Choose a Licensed Stockbroker
Applications must be submitted via brokers and approved by the NSE.
The licensed brokers provide guidance on application forms, payment methods, and allocations.
Submit IPO Application.
Complete the KPC IPO form, specify the number of shares, and pay the total amount at KSh 9 per share. Minimum purchase is 100 shares, with allocations for retail (20%), institutional (20%), regional/EAC investors (20%), and Oil Marketing Companies (15%).
The IPO opens on 19 January 2026 and closes on 19 February 2026, after which shares will be allotted and credited to investors’ CDS accounts, and Allocation results are scheduled to be announced on 4 March 2026.
KPC shares will then begin trading on the NSE, allowing investors to buy or sell like any other listed stock.
IPO shares to Address Infrastructure gaps
Treasury Cabinet Secretary John Mbadi emphasized that the IPO is an asset optimization strategy in addressing infrastructure gaps.
“Our economy is at a critical turning point, and to sustain the economic achievements realized thus far, both from a macro and fiscal (inflation, interest rates, currency stabilization, and GDP growth) perspectives, we must turn to innovative financing mechanisms to fund infrastructure and public service projects. As the financial needs of the government continue to outpace available public resources, private sector participation has become a critical tool in addressing infrastructure gaps, enhancing service delivery, and promoting sustainable development,” said Mbadi.
KPC offers key statistics
Item
Value
Offer Price per Offer Share
KShs. 9.00
Par value of each Offer Share
KShs. 0.02
Authorised share capital of the Company
KShs. 387,391,600
Total number of issued ordinary shares of the Company
18,173,299,000
Total number of Offer Shares
11,812,644,350
Dividend per share (“DPS”) for the twelve (12) month period ended 30 June 2025
(Post share split DPS is KShs 0.347) KShs. 324.7
Earnings per share (“EPS”) for the twelve (12) month period ended 30 June 2025
(Post share split EPS is KShs 0.4122) KShs. 412.2
Reported EBITDA for the period ended 30 June 2025
KShs. 18,593,941,000
Implied EV/EBITDA multiple
8.1X
Companies with strong, consistent dividend payouts often signal financial stability and profitability, making them attractive for both individual and institutional investors.
The latest rankings reveal that Standard Chartered Kenya leads with a dividend yield of 15.1%, followed by British American Tobacco (BAT) at 12.0% and Stanbic Holdings at 11.5%, highlighting the dominance of banking and consumer goods sectors in high-yield performance.
Other notable companies include Kapchorua Tea, Co-operative Bank, Liberty Kenya, and Kenya Commercial Bank (KCB), all offering double-digit yields that provide steady income streams for shareholders.
Top 10 Kenyan Stocks for Investment
The following list ranks the top 16 NSE stocks by dividend yield, providing a guide for those seeking reliable returns in 2026.
Standard Chartered Kenya – 15.1%
It is a leading international bank operating in Kenya since 1911. Standard Chartered offers corporate, retail, and wealth management services.
Known for stability and strong governance, it has consistently delivered high dividend yields, reflecting robust profitability.
British American Tobacco (BAT) – 12.0%
Operating in Kenya since 1900, BAT manufactures and sells cigarettes and tobacco products.
It dominates the local tobacco market and maintains steady growth through strong brand recognition and export operations.
Stanbic Holdings – 11.5%
Part of the Standard Bank Group, Stanbic provides banking and financial services, including corporate banking, treasury, and asset management.
It has expanded its footprint in East Africa and maintains steady profit growth.
Kapchorua Tea – 10.8%
Established in 1930, Kapchorua Tea is a leading tea producer in Kenya.
The company specialises in high-quality black tea exports and domestic sales, contributing to steady revenue growth in the agriculture sector.
Co-operative Bank of Kenya – 10.4%
Founded in 1965, Co-op Bank is one of Kenya’s largest banks by assets.
It provides retail, corporate, and microfinance services and has shown consistent growth in both loan portfolios and profitability.
Liberty Kenya Holdings
A major insurance and investment firm, Liberty provides life and general insurance, pensions, and asset management. It has expanded its offerings over the years, delivering competitive returns and stable dividends.
Kenya Commercial Bank (KCB)
Established in 1896, KCB is one of the oldest and largest banks in Kenya, providing retail and corporate banking, trade finance, and mobile banking. Its regional expansion across East Africa has driven steady growth.
Absa Bank Kenya
Part of the Absa Group, Absa Kenya offers personal, business, and corporate banking services. The bank has invested in digital transformation to expand its customer base and improve operational efficiency.
Kenya Electricity Generating Company (KenGen)
Founded in 1954, KenGen is the largest power producer in Kenya. It generates electricity through hydro, geothermal, and thermal sources, supporting national energy security and long-term growth.
I&M Holdings
A financial services group providing banking, insurance, and investment solutions in Kenya and East Africa. Established in 1974, I&M has grown steadily through regional expansion and acquisitions.
Other best performing stocks include NCBA Group, Carbacid Investments, B.O.C Kenya, Williamson Tea Kenya, Kenya Power & Lighting Company (KPLC), and Equity Group Holdings
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