Nairobi, March 4 -- The Kenya Pipeline Company's initial public offer (IPO) has received a 105.7 percent subscription⁠rate, offering the State the targeted Sh106 billion on support from Uganda and local institutional investors.

The State was selling a 65 percent stake of KPC or 11.8 shares via the Nairobi Securities Exchange (NSE) for Sh106 billion.

Investors applied for 12.4 billion shares, meaning the State will refund Sh5.4 billion due to the oversubscription.

The government priced the Kenya Pipeline IPO at Sh9 per share for the offer that opened on January 19 amid a split on views over its valuation.

The new shares will start trading at the NSE from Monday.

Burdened by high national debt, limited room to raise taxes and ann...