Nairobi Bourse Welcomes First New Listing Since 2020 With SKOL
TLDR
- After five years without a single new listing, the Nairobi Securities Exchange (NSE) will admit Shri Krishana Overseas Ltd (SKOL) cia direct listing
- SKOL will list 50.5 million shares at 5.90 Kenyan shillings each, valuing the company at KES 298 million
- The direct listing — NSE’s first since 2020 — provides liquidity to existing shareholders and boosts the company’s market visibility
After five years without a single new listing, the Nairobi Securities Exchange (NSE) will admit Shri Krishana Overseas Ltd (SKOL), a manufacturer of packaging materials and footwear, via direct listing.
Founded in 2009 by Nirmal Chaudhry and Dr. Sonvir Singh, SKOL will list 50.5 million shares at 5.90 Kenyan shillings each, valuing the company at KES 298 million. The shares will trade on the NSE’s SME segment, with no new capital raised.
The direct listing — NSE’s first since 2020 — provides liquidity to existing shareholders and boosts the company’s market visibility. It also meets minimum public float requirements without a traditional IPO. SKOL has become the 15th firm to list by introduction since 2006.
The listing follows renewed political pledges to revive Kenya’s capital markets. In London, President Ruto recently confirmed plans to list Kenya Pipeline Company by year-end. Progress on similar pledges has been limited.
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Key Takeaways
SKOL’s entry to the NSE signals tentative momentum for a market that has seen declining listings and investor participation. The last major IPO was in 2011. While SKOL’s direct listing won’t raise fresh capital, it demonstrates a viable path for privately held firms with sufficient float and governance in place. It also provides investors with access to a new industry vertical — light manufacturing and packaging — which is transforming rising demand for sustainable and locally produced materials. For the NSE, the listing provides modest relief after years of stagnation. But the bigger question remains: will promised IPOs of state firms like Kenya Pipeline Company finally follow? Until there is broader follow-through on capital market reforms, the exchange may continue to rely on one-off listings rather than a pipeline of regular issuances.
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