EXPLAINER: How to buy Kenya Pipeline shares at Sh9 per share

A KPC fuel transportation and storage facility. /KPC

Kenya Pipeline Company has put on offer 11.81 billion ordinary shares for sale through its Initial Public Offering (IPO), priced at Sh9 per share, representing a 65 per cent stake in the company.

The offer opened on January 19, 2026 at 9am and will close on February 19 at 5pm.

The minimum number of shares one can buy is 100.

Applications are open to various investor groups, including individual investors, Kenyan retail and institutional investors, EAC investors, foreign investors, oil marketing companies, as well as KPC employees.

The Capital Markets Authority (CMA) has approved the offer and the listing of the shares on the main investment market segment of the Nairobi Securities Exchange (NSE), with listing scheduled for Monday, March 9, 2026.

The process of application for Kenyans looking to participate in the Kenya Pipeline Company (KPC) IPO has been digitised as an e-IPO, making it faster and more accessible.

It is Kenya’s first fully electronic IPO.

There are two ways to make an application: individual investors can use USSD, while all investor categories can utilise the comprehensive online portal for greater flexibility and control.

USSD application

Dial *483*816# from your registered Kenyan mobile number.

The process is quick and convenient as it integrates M-Pesa payment.

The USSD option is available only to individual investors, and one must have a CDS account.

Online portal

Apply through https://kpcipo.e-offer.app from an internet-enabled device.

The process offers a comprehensive application interface and provides multiple payment options.

The online option is available to all investor types, including individual investors.

Essential requirements

Before starting an application through either method, potential investors must ensure they meet key fundamental requirements.

1. Valid CDS account

A CDS (Central Depository System) account is a mandatory electronic account that holds shares and government securities for investors.

If you do not have one, contact your stockbroker or investment bank immediately to open an account before the offer closes.

How to open a CDS account

• Get in touch with a licensed stockbroker, investment bank (such as Equity Bank), or authorised agent.
• Complete the account opening form CDS 1 provided by your agent.
• Submit your ID or passport, KRA PIN, and passport photos (or company registration documents).
• Digital opening: Many brokers now allow account opening via mobile apps or USSD codes (such as 483816# for some IPOs).

2. Sufficient funds

Ensure your M-Pesa wallet or bank account has enough money to cover the intended share purchase.

With the minimum number of shares set at 100 (Sh900), your account balance should be at least Sh1,000, including a small buffer for any transaction fees charged by your financial services provider.

You can buy more than the minimum 100 shares based on how much you want to invest.

Place your application

Ensure you have your CDS account number ready.

Log into your preferred platform (online or USSD).

Select the “Kenya Pipeline IPO” option and enter the number of shares you wish to purchase.

How to pay

Payment is integrated into the digital application process.

You can pay via M-Pesa or other mobile money services directly from your phone during the application.

Bank transfer/EFT is available for larger institutional or individual investments.

You may also use funds already held in your brokerage account.

Allocation and listing

Once the offer period closes on February 19, 2026, the shares will be allocated.

If the IPO is oversubscribed, you may receive a proportion of the shares you applied for, with any excess funds refunded.

On March 9, 2026, KPC will officially be listed on the NSE. At that point, you will be able to view your shares in your CDS account and choose to hold them for dividends or sell them at the prevailing market price.

About KPC

Kenya Pipeline Company Limited is a state corporation wholly owned by thegovernment with 99.9 per cent shareholding by the National Treasury and a fractional less than 0.1 per cent by the Ministry of Energy and Petroleum.

The company manages the country's petroleum pipeline network by transporting refined products from Mombasa inland to major towns, ensuring cost-effective, safe and reliable supply of fuel products.

The current infrastructure includes 1,342 kilometres of pipeline, capable of handling approximately 14 billion litres of petroleum products annually.

What sale of 65 per cent of KPC shares through IPO means

The sale of 65 per cent of KPC shares through an Initial Public Offering (IPO) is a landmark privatization effort by the Kenyan government.

It marks the first major transfer of ownership of a state-owned enterprise to the private sector in over 17 years.

The transfer of ownership is designed to raise Sh106.3 billion by offloading 11,812,644,350 ordinary shares at Sh9 each, while the government retains a 35 per cent minority stake.