Kenya is poised to make a landmark move in its privatisation agenda with the announcement that the Kenya Pipeline IPO will take place in September 2025, President William Ruto has confirmed. The decision, announced during the bell‑ringing ceremony at the Nairobi Securities Exchange (NSE), signals the first public listing of a state utility in over a decade.
Speaking at the event, President Ruto reaffirmed his administration’s commitment to expanding and modernising Kenya’s capital markets. “A key plank of this strategy is the diversification of state-owned enterprises through initial public offerings on the NSE,” he said. “Unlocking value, improving governance and attracting long-term capital are at the heart of this reform.”
“It is no longer optional,” President Ruto declared at the NSE, where the Linzi 003 Infrastructure Asset‑Backed Security also debuted.
Momentum has been building since earlier this year. In February 2025, National Treasury Cabinet Secretary John Mbadi acknowledged ongoing IPO preparations, citing KPC’s strong performance and its role in bolstering NSE liquidity.
Still, the initiative has faced delays due to legal challenges from opposition parties and concerns over national security, as well as calls for deeper stakeholder engagement. While the High Court last year called for broader consultation, cross‑party cooperation suggests faster execution in 2025.
The Kenya Pipeline IPO will be the first public listing of a state-owned utility since the government sold a stake in Safaricom nearly 15 years ago. Ruto confirmed that the Cabinet is expected to approve the Kenya Pipeline IPO within weeks, while the Privatisation Commission is finalising the listing framework. “By September, by God’s grace, we will have that listing here,” he said.
The President argued that privatisation was critical to eliminating inefficiencies and improving governance in public enterprises. He noted that Kenya had fallen behind regional peers in implementing bold economic reforms. “While other nations in the region have moved boldly and strategically to divest and reinvigorate their economies, Kenya has not undertaken a single privatisation in over a decade. That is about to change,” Ruto stated.
President Ruto also outlined a new disclosure and listing framework aimed at strengthening Kenya’s capital markets. The National Treasury is developing rules that will require all public interest entities to disclose standardised financial and operational data in line with capital markets regulations.
“Within one year of initial disclosure, they will be required to list at least 20 percent of their equity on the NSE,” Ruto said, emphasising that this reform would promote transparency, expand local ownership and “democratise wealth.”
An industry council will be established by the Cabinet Secretary for the National Treasury to oversee this transformation. The council will guide the drafting of appropriate legal instruments and ensure that the listing process adheres to global standards. “There is already a committee of experts set up, and I hope the industry council will either be drawn from this committee or expanded to include more stakeholders,” Ruto added.
The London visit highlighted Kenya’s growing appeal as an investment hub, with partnerships being sealed with international players. Lloyd’s of London and Africa Specialty Risk bring expertise in specialty insurance, while the Africa Finance Corporation is expected to provide strategic capital for infrastructure and energy projects. The involvement of OPA International further underlines Kenya’s ambition to become a regional financial powerhouse.
The Kenya Pipeline Company operates the nation’s fuel transport infrastructure, including pipelines linking Mombasa to Nairobi and western regions. The IPO is expected to raise capital for infrastructure expansion, including liquefied petroleum gas (LPG) distribution and strategic storage facilities.
With Cabinet approval expected by the end of July, the next steps involve formal approval by the Privatisation Commission and the National Assembly. The government has signalled that the KPC listing is just the beginning of a broader privatisation drive. Other entities slated for potential divestiture include the National Oil Corporation, New Kenya Cooperative Creameries, and Rivatex East Africa.
“This reform will give Kenyans the opportunity to directly participate in our country’s economic success,” Ruto said. “It is about building an inclusive economy where citizens can invest in and benefit from the nation’s growth.”
The IPO follows the successful listing of the Linzi 003 Infrastructure Asset‑Backed Security at NSE, which raised capital for the 60,000‑seat Talanta Sports City Stadium. Rated AA(KE)(IR) by GCR, it shows growing demand for asset‑backed instruments in Kenya. The stadium is central to the country’s AFCON 2027 ambitions.
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