Kenya: Local Investors Dominate Kenya Pipeline IPO Allocation

Nairobi — Some investors in the energy sector received far smaller allocations than expected in the Kenya Pipeline Company (KPC) Initial Public Offering (IPO), despite being offered significant shares in the state-owned firm.

Analytical reports show that foreign investors, who had been offered 20 percent of the company, ended up acquiring only 0.02 percent of the shares. Meanwhile, market investors took up just 0.0141 percent out of a 15 percent allocation.

The low uptake by foreign and market…