Nairobi, March 4 -- Foreigners, local retail investors and oil marketers shied away from the oversubscribed Kenya Pipeline Company (KPC) initial public offering (IPO) that was saved by Uganda and local institutional investors.

The offer received a 105.7 percent subscription ⁠rate, raising Sh112 billion against the State's target of Sh106 billion.

But the success of the offer has masked the apathy towards the IPO among foreigners, real investors and oil marketers, who many believed considered KPC a strategic investment.

Local retail investors bought shares worth Sh4.1 billion against their allocation of Sh21.2 billion stocks while foreigners spent a measly Sh34.8 million compared to their target of Sh21.2 billion, says records pro...