The National Social Security Fund has emerged as one of the biggest shareholders in Kenya Pipeline Company after investing about Sh38 billion in the company’s initial public offering.

NSSF acquired a 22.2 percent stake in KPC, making it the largest shareholder after the government, which retained its controlling interest following the listing.

The pension fund’s participation was crucial to the IPO, with institutional investors from Kenya and Uganda accounting for a significant share of demand for the shares.

The investment gives NSSF substantial exposure to one of Kenya’s most important state-linked infrastructure companies following its privatisation.