Kenya has taken a significant step toward deepening its capital markets with the planned Initial Public Offering (IPO) of Kenya Pipeline Company Limited (KPC), one of the country’s most strategic state-owned enterprises.
The Privatization Commission has officially invited proposals from qualified firms to provide transaction advisory services for the proposed listing of KPC shares on the Nairobi Securities Exchange (NSE).
The move marks one of the most high-profile privatization efforts under the current administration, as the government seeks to unlock value from public assets while boosting investor confidence in Kenya’s capital markets.
According to the Commission’s Request for Proposals (RFP), the Kenya Pipeline Company listing process aims to attract both local and international investors by adhering to global best practices in privatization and capital market governance.
The Commission announced that it is seeking a multidisciplinary team of advisors to oversee the entire Kenya Pipeline Company listing process. The team will be led by a Lead Transaction Advisor, responsible for coordinating all aspects of the offering and ensuring compliance with national and international standards.
Advisory roles have been grouped into eight key categories under the tender notice, including:
Lead Transaction Advisory Services
Lead and Co-Sponsoring Stock Brokerage Services
Reporting Accountant Services
Legal Advisory Services
Advertising and Public Relations Services
Receiving Bank and Registrar Services
The invitation is open to all eligible transaction advisors who can demonstrate expertise and experience in handling major equity offerings, particularly within emerging markets.
The deadline for submissions is set for Tuesday, 21 October 2025, at 11:00 a.m. Kenyan time, with bids to be submitted both physically and via the official Privatization Commission address.
Established in 1973, Kenya Pipeline Company is a critical state corporation responsible for transporting and storing petroleum products across the country. It operates vital infrastructure that supports Kenya’s fuel distribution network, including pipelines, storage depots, and related logistics facilities.
The government’s decision to list KPC on the NSE is seen as a move to enhance transparency, improve corporate governance, and attract capital to fund future expansion.
This Kenya Pipeline Company listing is also expected to be a test case for Kenya’s renewed privatization programme, which has been relatively dormant in recent years. With KPC’s significant revenue base and strategic importance, the offering could attract strong investor interest and signal renewed government commitment to market-driven reforms.
The Commission will evaluate proposals using the Quality Cost Based Selection (QCBS) method, as outlined under the Public Procurement and Asset Disposal Act, 2015. This means advisors will be assessed on both their technical capacity and cost efficiency.
Applicants must provide detailed evidence of qualifications, experience, and capacity to deliver the advisory services. The selected consortium will work closely with the Commission and other relevant government agencies throughout the IPO preparation and execution stages.
A key aspect of the process will involve preparing financial valuations, market analysis, regulatory approvals, and investor communications, ensuring that the offering is structured to meet both local and international investor expectations.
If successful, the KPC IPO could become one of the largest listings in Kenya in recent years, following a decade-long lull in major public offerings. Analysts say the listing could reinvigorate activity on the Nairobi Securities Exchange, offering investors exposure to a profitable infrastructure asset.
The move also comes amid growing investor interest in African infrastructure companies, particularly those involved in energy logistics. By opening ownership to the public, Kenya aims to improve operational transparency and enhance efficiency through partial privatization.
The Commission has outlined that all proposals must be submitted in written form to the following address:
The Ag. Executive Director/CEO
Privatization Commission
Social Security House – Annex, 10th Floor
Bishops Road, Community, Nairobi, Kenya.
P.O. Box 34542 – 00100, Nairobi.
Further information can be accessed from the Commission’s official website at www.privatisation.go.ke
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