Shri Krishana Overseas Ltd (SKL) has officially listed on the Nairobi Securities Exchange (NSE), becoming the latest addition to Kenya’s capital markets and signalling renewed investor confidence in the country’s financial landscape.
The listing, which took place earlier this week, marks a milestone for both the NSE and the company, especially at a time when new listings have become rare on the bourse. SKL shares began trading at Ksh 5.90 under the ticker symbol $SKL, with 50.5 million ordinary shares listed and 8.7 million made available to the public.
Speaking during the listing ceremony, Dr. Sonvir Singh, Managing Director and Co-founder of SKL, said the development is a major step in the company’s expansion journey. “Listing on the NSE’s SME Market Segment is a pivotal step. It provides us with access to capital markets, enabling us to raise funds and accelerate our future plans,” Singh said.
Shri Krishana Overseas, part of the Shri Krishana Group, is a family-owned enterprise with deep roots in Kenya’s consumer goods sector. The company, which began as a small family business in the 1980s, has grown into a regional firm with interests in manufacturing, logistics, and distribution. Its product portfolio includes household food staples like snacks and cooking oil, which are widely consumed in Kenya.
With the capital raised from the listing, SKL plans to modernise its supply chains, expand into new regional markets, and finalise construction of a large-scale packaging plant in Kajiado County. The factory is expected to significantly boost its annual production capacity from 2,400 tonnes to 24,000 tonnes — a tenfold increase aimed at meeting growing demand in the local packaging industry.
“This listing allows us to open a new chapter — one of transparency, public ownership, and regional expansion,” a company spokesperson added at the bell-ringing event.
The NSE, East Africa’s largest stock market, has struggled in recent years with low activity, few listings, and investor caution due to economic challenges. The last notable listing before SKL was Airtel Uganda’s cross-listing in 2022. In contrast, several firms have exited the exchange, citing regulatory and cost-related concerns.
SKL’s listing is being seen as a much-needed boost for the NSE, particularly its SME-focused Growth Enterprise Market Segment (GEMS), which has struggled to attract new entrants. Unlike past listings driven by government privatisation or multinational cross-listings, Shri Krishana’s journey is rooted in local business development — a family-run enterprise choosing to open itself up to the public.
Analysts believe this could serve as a model for other local businesses looking for growth opportunities without relying on traditional lending routes. “This is the type of grassroots listing that can restore some confidence in the bourse and encourage other SMEs to consider going public,” said a Nairobi-based capital markets analyst.
Kenya’s packaging sector has grown steadily in recent years, with a market valuation of US$585 million as of the end of 2021. SKL’s investment in modern manufacturing is expected to tap into this growing demand and increase local capacity.
The NSE, once seen as a cornerstone of Kenya’s economic modernisation, has hosted major listings such as Safaricom in 2008, and public sector giants like Kenya Electricity Generating Company (KenGen) and Kenya Reinsurance. However, the momentum slowed over the last decade, and the NSE has been working to re-establish itself as an attractive destination for capital raising.
With the entry of Shri Krishana Overseas, the exchange may be finding new energy through SMEs rather than state-led initiatives. The listing also represents an opportunity for ordinary investors to support homegrown businesses with strong regional potential.
As trading begins, all eyes will be on SKL’s performance — both as a stock and as a potential bellwether for the revival of Kenya’s capital markets.
