Nairobi, Jan. 29 -- The government is targeting a record two million retail investors participating in the Kenya Pipeline Initial Public Offer (IPO), which seeks to raise Sh106.3 billion through floating 11.8 billion shares translating to a 65 percent stake divestiture.

If actualised, the Kenya Pipeline IPO will dwarf the 2008 Safaricom IPO where the retail investors segment registered the largest oversubscription attracting 840,000 individual investors who applied for 23 billion shares.

Retail, institutional and foreign investors have each been allocated the largest quotas in the Kenya Pipeline IPO, with each having 20 percent of the floated 11.8 billion shares ring-fenced for their participation.

This means that retail investors have...