Kenya Plans $1.15 Billion Pipeline IPO, Its First in a Decade

Kenya plans to raise as much as $1.15 billion by selling shares in its petroleum pipeline company, potentially the nation’s biggest initial public offering and its first in a decade.

The government plans to sell as much as 65% of Kenya Pipeline Co. The move is part of reforms backed by the International Monetary Fund to help the East African nation reduce over-reliance on borrowing. The parliament will vote on the IPO proposal on Tuesday.

William Ruto, Kenya’s president.

Photographer: Amanuel Sileshi/Bloomberg

Kenya’s benchmark stock index has risen 41% this year in local-currency terms, a move from which the government is keen to capitalize.

The stock ...