ZEN Petroleum to list on GSE after fully subscribed IPO
ZEN Petroleum Holdings PLC is seeking to raise GH¢640 million through an Initial Public Offering (IPO) on the Ghana Stock Exchange (GSE).
The IPO comes amid renewed activity on Ghana’s capital market following a slowdown linked to the Domestic Debt Exchange Programme.
The offer, which opened on March 25 and closes on March 31, 2026, involves 128 million ordinary shares priced at GH¢5.00 each, representing 20 per cent of the company’s enlarged share capital. The IPO is being executed through a bookbuilding process, with proceeds primarily earmarked to support working capital needs across its operating subsidiaries.
According to the prospectus dated March 17, 2026, and approved by the Securities and Exchange Commission (SEC), the offer has already secured full subscription through firm commitments from institutional investors. Bora Capital Advisors Pension Funds accounts for 75.33 per cent of the offer, alongside Temple Impact VC Fund and Stanbic Investment Management Services.
Downstream Operations
ZEN Petroleum Holdings, incorporated in December 2025, serves as a holding company for five subsidiaries operating across the downstream petroleum value chain, including importation, storage, distribution, marketing, retail, and logistics.
Through its principal subsidiary, ZEN Petroleum Limited, the group ranks among Ghana’s top four oil marketing companies, with an estimated 6 per cent market share. It also holds a strong position in the mining sector, supplying approximately 49 per cent of fuel consumed by major mining companies.
The group operates more than 63 retail fuel stations nationwide and maintains a significant bunkering business, supplying marine gasoil at the ports of Tema and Takoradi. Its infrastructure includes a 30,000-metric-tonne gasoil depot in New Takoradi, a fleet of 93 bulk road vehicles, and supply arrangements with international traders such as BP, Repsol, and Trafigura. The company reports over 15 years of operations without fatalities, reflecting a strong safety record.
Strong Financial Growth Trajectory
Zen Petroluem’s financial performance has shown steady growth. Revenue increased from GH¢5.11 billion in 2023 to GH¢6.34 billion in 2025, while gross profit rose from GH¢414 million to GH¢780 million. Operating profit grew from GH¢293 million to GH¢560 million, with margins improving from 5.74 per cent to 8.83 per cent.
Projections by PricewaterhouseCoopers indicate continued expansion, with revenue expected to reach GH¢8.41 billion in 2026 and GH¢10.98 billion by 2030. Profit after tax is forecast to rise from GH¢375 million to GH¢469 million over the same period, with margins stabilising around 9 per cent.
Governance and Ownership
The company’s board comprises six directors, including three independent non-executive members: Frank Brako Adu, Freda Yahan Duplan, and Mansa Nettey. Founder and Managing Director William Tewiah currently holds all issued shares prior to the IPO.
Use of proceeds
Approximately 96.32 per cent of the proceeds, equivalent to GH¢616.5 million, will be deployed as working capital, while the remainder will cover offer-related costs. If the minimum subscription of GH¢300 million is achieved, the allocation structure will remain largely unchanged.
Temple Investments is acting as Lead Arranger, with SBG Securities Ghana as Sponsoring Broker and Stanbic Bank Ghana as Escrow Agent.
ZEN Petroleum Holdings is expected to list on the GSE under the ticker symbol ZEN, with trading anticipated after the April 7, 2026 settlement date. The offer is restricted to Ghanaian investors, with the Central Securities Depository responsible for ensuring compliance.
Source: citinewsroom by Nerteley Nettey
