Kenya Pipeline’s Initial Offer Oversubscribed, Adviser Says

Kenya has reached its target 106.3 billion shillings ($824.1 million) from the initial public offering of its state-run pipeline company, the first such sale for the East African nation in more than a decade.

“The KPC IPO was oversubscribed,” Belgrad Kenne, lead for the Kenya Pipeline Co. sale at Nairobi-based Faida Investment Bank Ltd., said without giving details.