Explaining the Kenya Pipeline Valuation...

Hello 👋🏽 It's Brian from The Kenyan Wall Street.

In today's newsletter…

• There are many questions about Kenya Pipeline’s valuation. Here is what the stakeholders have to say…

• Amsons Group is not isolated in its intent to pump more money into cement production regionally. Its continental peers are equally relentless…

These and more…

Explaining the Kenya Pipeline Valuation

Kenya Pipeline Company’s long-awaited IPO, priced at KSh 9 per share, is poised to raise KSh 106 billion, making it East Africa’s largest local-currency public offering. The Kenyan Wall Street in partnership with Nairobi Securities Exchange Trading Bell hosted Kenya Pipeline Company (KPC) Managing Director Joe Sang alongside key figures from the privatization and advisory teams to discuss the company’s listing.

You can watch the live version town hall event here »»»»»

MD Joe Sang framed the listing as a transformative shift: a half-century-old state enterprise now gaining agility, enhanced oversight, and incentives for employees, while pursuing regional diversification into fiber optics, LPG storage, and energy projects. Read about it here >>>>>

A lot of questions have been posed on the valuation of the IPO. The valuation reflects a careful balance between rigorous financial methodology and broad retail participation, with Faida Investment Bank noting that a peer-median EV/EBITDA of 9.56x was adjusted downward to 8.1x to make the shares accessible to ordinary Kenyans.

Here is an evaluation by investment banker Dr. Kenne Belgrade 👇🏽

Battling Hackers with EU Muscle

By Fred Obura 

Kenya is fighting back against a wave of cyber attacks that have left government systems exposed and billions in losses. With a multi-million shilling programme backed by the EU, the new Kenya Cyber Resilience project aims to rewrite the rules of digital defense, combining law, operational muscle, and public awareness. Last year’s hacks hit everything from State House to citizen portals, some even plastered with extremist propaganda, laying bare the stakes of a rapidly digitizing state. For officials, cybersecurity is no longer a technical fix but a national imperative.

Read the article here >>>>>

Amsons’ Kenyan Pawn in Africa's Cement Race

By Brian Nzomo 

Amsons Group, the Tanzanian industrial conglomerate behind Bamburi Cement, is placing a US$200 million bet on the revival of East African Portland Cement. The investment will triple EAPC’s production capacity to nearly four million tonnes, repositioning the struggling manufacturer in a Kenyan market dominated by well-capitalised rivals. By consolidating legacy assets and modernising plants, Amsons is following a familiar African playbook in which cement…a heavy, capital-intensive, and politically adjacent product, becomes a durable source of power. Across the continent, from Dangote to Rabiu to Morocco’s CIMAF, billionaires are racing to lock in scale as governments pour money into roads, housing, and megaprojects.

Read the full article here >>>>>

INSIGHT: African women-led firms post growth, lag in private capital

By Brian Nzomo

Across Africa, women-led startups are quietly outperforming their male peers by posting faster growth and higher revenues, while raising a fraction of the capital. A new AVCA report shows that female-founded firms generated more than six times the growth of male-led companies in 2024, despite receiving 23 times less funding. The disparity reflects where power still sits: investment committees at large funds remain overwhelmingly male, and they back remarkably few women-led ventures. The result is a familiar paradox; women are building successful businesses, but men continue to control the cheque books as companies scale.

Read more here >>>>>

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