Shri Krishana Overseas Ltd (SKOL), a Kenyan packaging manufacturer, has become the first company to list on the Nairobi Securities Exchange (NSE) since 2020. The company listed 50.5 million shares by introduction at KES 5.90 each, valuing the transaction at KES 298 million (approximately US$2.31 million).
The shares will trade on the SME Market Segment, formerly known as the Growth Enterprise Market Segment (GEMS). The listing was completed without raising new capital, using the company’s existing shareholder base and prior private placements to meet the NSE’s listing requirements.
Founded in 2009 by Nirmal Chaudhry and Dr. Sonvir Singh, SKOL is the 15th company to list by introduction on the NSE since 2006. The method of listing has gained traction among firms seeking market entry without immediate share dilution.
The move comes amid efforts by the Kenyan government to revive capital market activity. While President William Ruto has announced plans to list state-owned firms such as Kenya Pipeline Company, actual progress has remained limited.
Synesis Capital served as lead transaction advisor for SKOL’s listing, with MWC Legal providing legal advisory services. The listing was approved under the 2023 Capital Markets Regulations.
The NSE’s SME segment targets small and medium-sized enterprises with lighter regulatory requirements than traditional IPOs. SKOL’s listing is aligned with the NSE’s 2025–2029 strategic plan, which seeks to attract 40 new listings and significantly expand the retail investor base.
SKOL’s KES 5.90 offer price places it among mid-tier SMEs on the exchange. Previous listings by introduction include CIC Insurance (2012) and Bank of Kigali (2018), highlighting a range of valuation strategies in Kenya’s public markets.
The listing signals renewed corporate interest in public markets despite ongoing economic challenges and investor caution.