Kenya has launched a historic initial public offering, seeking to raise $825 million by selling a majority stake in its state-owned oil pipeline company. This ambitious move represents East Africa’s largest IPO in local currency terms, surpassing the landmark 2008 Safaricom offering. It is a cornerstone of President William Ruto’s strategy to divest from state assets, driven by a pressing need to find new funding models beyond traditional taxation and debt. With debt repayments consuming 40% of government revenue, officials describe this shift as essential. The offer, attractively priced at nine shillings per share to draw both retail and institutional investors, comes amid a strong rally on the Nairobi Securities Exchange and a global rebound in equity markets. If successful, it will mark a significant milestone for Kenya’s capital markets and fiscal policy.
CNBC Africa
