Kenya's state-run pipeline company raised 106.3 billion shillings ($824.1 million) in its initial public offering, exceeding the government's target and marking the nation's first such sale in over a decade. The oversubscription, confirmed by the deal's adviser, signals strong investor confidence in East Africa's energy infrastructure.

This successful debut comes after Kenya delayed the IPO for nearly two years, aiming to maximize proceeds amid regional economic challenges. The pipeline operator's listing provides crucial capital for modernizing the country's critical oil transport network, which moves over 70% of Kenya's crude imports and fuels regional trade. The government's target was met with significant demand, suggesting the IPO served as a confidence-building exercise for Kenya's capital markets.