ZEN Petroleum IPO fully subscribed, set for GSE listing

ZEN Petroleum Holdings PLC is poised to list on the Ghana Stock Exchange (GSE) after successfully securing full subscription for its initial public offering (IPO) ahead of schedule.

The IPO, which opened on March 25, aims to raise GH¢640 million by offering 128 million ordinary shares at GH¢5.00 each, representing 20 per cent of the company’s enlarged share capital. According to the prospectus, the offer has already received firm commitments from institutional investors for the entire allotment.

Major committed investors include Bora Capital Advisors Pension Funds, which took up 75.33 per cent of the offer, alongside Temple Impact VC Fund and Stanbic Investment Management Services. The offer is scheduled to close on March 31.

The listing marks one of the largest by an indigenous downstream petroleum company in recent years. ZEN Petroleum Holdings, incorporated in December 2025, serves as a holding company for five subsidiaries spanning the importation, storage, distribution, and retail of petroleum products.

Through its principal subsidiary, ZEN Petroleum Limited, the group ranks among the top four oil marketing companies in Ghana with an estimated 6 per cent market share. It holds a dominant position in the mining sector, supplying approximately 49 per cent of fuel consumed by major mining firms. The group also operates over 63 retail stations and maintains a significant bunkering business.

According to the prospectus, 96.32 per cent of the IPO proceeds, approximately GH¢616.5 million, will be deployed as working capital to fund trade payables for the operating subsidiaries. The remaining portion will cover costs related to the offer.

The company’s financial statements show steady growth, with revenue increasing from GH¢5.11 billion in 2023 to GH¢6.34 billion in 2025. Operating profit grew from GH¢293 million to GH¢560 million over the same period.

The board comprises six directors, including three independent non-executive directors: Frank Brako Adu, former Managing Director of CalBank; Freda Yahan Duplan, former Chief Executive of Nestlé in Asia, Africa and Oceania; and Mansa Nettey, former Chief Executive of Standard Chartered Bank Ghana.

Trading is expected to commence after the settlement date of April 7, 2026, under the ticker symbol ZEN. The offer is restricted to Ghanaian investors in compliance with local content requirements.