Kenya Pipeline Company’s initial public offering has been extended by three working days, with the new closing date set for Tuesday, February 24 at 1700 local time, the Capital Markets Authority said on Thursday, according to Reuters.

The share sale, one of the largest privatisation initiatives in the country, offers 11.8 billion ordinary shares, representing 65 per cent of the company, at nine Kenya shillings per share, while the government retains 35 per cent ownership. The IPO aims to raise roughly Sh106 billion.

Originally scheduled to close on Thursday at 1700 local time, the offer was extended to allow investors more time to complete applications, particularly retail and institutional participants. Existing applicants are not required to take further action.

The allocation of shares covers different investor categories, including retail and institutional investors, Kenya Pipeline employees, oil marketing companies, as well as East African and foreign investors.

Following the extension, allocation results are expected on March 4, with electronic crediting of shares and refunds by March 6. Trading on the Nairobi Securities Exchange is scheduled to begin on March 9. All other terms and conditions of the IPO remain unchanged.