ZEN Petroleum IPO Fully Subscribed: $640M Listing to Boost Ghana Stock Exchange Presence

ZEN Petroleum Holdings PLC is set to make a major impact on the Ghana Stock Exchange (GSE) after securing a fully subscribed GH¢640 million initial public offering (IPO). The offering, which launched on March 25, 2026, and closes March 31, made 128 million ordinary shares available at GH¢5.00 per share, representing 20% of the company’s enlarged share capital. The IPO is designed to raise working capital for the company’s operating subsidiaries and is being conducted through a bookbuilding auction process.

Institutional investors have shown strong confidence in ZEN Petroleum, with the entire 128 million shares already committed. Key investors include Bora Capital Advisors Pension Funds, which acquired 75.33% of the offer, alongside Temple Impact VC Fund and Stanbic Investment Management Services. The Securities and Exchange Commission approved the offer, reflecting strong regulatory backing for the IPO.

Founded in December 2025, ZEN Petroleum Holdings serves as a parent company for five subsidiaries operating across the downstream petroleum value chain. The group imports, stores, distributes, and markets petroleum products while providing logistics and haulage services. Its flagship subsidiary, ZEN Petroleum Limited, ranks among Ghana’s top four oil marketers, commanding a 6% market share and supplying nearly half of the fuel used by major mining companies. The company also operates over 63 retail stations and a significant bunkering business supplying marine gasoil at the ports of Tema and Takoradi.

Financially, ZEN Petroleum has demonstrated consistent growth. Revenue increased from GH¢5.11 billion in 2023 to GH¢6.34 billion in 2025, with gross profit rising from GH¢414 million to GH¢780 million. Operating profit margins improved from 5.74% to 8.83% over the same period. Forecasts by PricewaterhouseCoopers indicate continued growth, projecting revenue to hit GH¢10.98 billion by 2030, while profit after tax is expected to rise from GH¢375 million in 2026 to GH¢469 million by 2030.

The IPO proceeds will primarily fund working capital, with 96.32% of the funds allocated to the operating subsidiaries and the remaining 3.68% covering costs related to the offer. Following the IPO, ZEN Petroleum’s shares, trading under the ticker symbol ZEN, are expected to start trading after April 7, 2026. The listing highlights renewed investor activity on the GSE and underscores ZEN Petroleum’s role as a major homegrown player in Ghana’s energy sector.

source: graphic