Firms involved in the planned Kenya Pipeline Company (KPC) Initial Public Offering (IPO) are expected to earn more than Ksh200 million in consultancy fees as preparations for the listing at the Nairobi Securities Exchange (NSE) gains momentum.
According to official disclosures, the IPO process has attracted a consortium of investment banks, legal firms, registrars, and marketing agencies, making it one of the most significant public listings in Kenya since the Safaricom IPO in 2008. The transaction is expected to be completed by March.
The key firms driving the Kenya Pipeline IPO, includes;
Faida Investment Bank, which has been appointed the lead transaction advisor and will oversee the overall IPO process, including valuation, structuring, preparation of the prospectus, and coordination of other advisors.
Dyer & Blair Investment Bank will serve as the lead stockbroker, with Francis Drummond acting as co-sponsoring stockbroker. Legal due diligence and documentation will be handled by TripleOKLaw LLP, while Image Registrars will manage shareholder records and registry services.
Marketing, advertising, and public awareness campaigns will be led by Belva Digital, as part of efforts to attract both retail and institutional investors. KCB Bank and Cooperative Bank of Kenya have been appointed as receiving banks during the IPO.
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Combined consultancy fees for the transaction are projected to exceed Ksh200 million, though the government has capped advisory fees to ensure they remain within reasonable market limits. The IPO is expected to raise up to Ksh100 billion, with proceeds targeted at funding infrastructure projects and supporting the national budget.
The KPC IPO forms part of the government’s broader strategy to privatise selected state-owned enterprises, deepen Kenya’s capital markets, and expand public participation in major national assets.
With its fees opened to the local consultancy firms, the Kenya Pipeline IPO presents a potential investment opportunity, but also highlights the need for careful due diligence, particularly around valuation, governance structures, and long-term returns to SACCOs, pension funds, and institutional investors.
As the listing process advances, attention is expected to focus on pricing, investor protections, and transparency in the use of proceeds. These factors will be key in determining whether the IPO delivers sustainable value to investors and strengthens confidence in Kenya’s public markets.
By Khayoyo Ian
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