ZEN Petroleum Targets GH¢640m Working Capital Raise via IPO on GSE
ZEN Petroleum Holdings PLC is seeking to raise GH¢640 million through an Initial Public Offering (IPO) on the Ghana Stock Exchange (GSE), in what signals a revival of activity on the domestic capital market following a slowdown triggered by the Domestic Debt Exchange Programme (DDEP).
The offer, which opened on March 25 and is expected to close on March 31, 2026, comprises 128 million ordinary shares priced at GH¢5.00 each, representing 20 percent of the company’s enlarged issued share capital. The IPO is being executed through a bookbuilding process.
According to the company’s prospectus dated March 17, 2026, and approved by the Securities and Exchange Commission (SEC), the offer has already achieved full subscription, backed by firm commitments from institutional investors. Bora Capital Advisors Pension Funds accounts for 75.33 percent of the offer, with additional participation from Temple Impact VC Fund and Stanbic Investment Management Services.
ZEN Petroleum Holdings, incorporated in December 2025, operates as a holding company for five subsidiaries across the downstream petroleum value chain, including importation, storage, distribution, marketing, retail, and logistics.
Through its principal subsidiary, ZEN Petroleum Limited, the group is ranked among Ghana’s top four oil marketing companies, with an estimated market share of 6 percent. The company also maintains a strong presence in the mining sector, supplying approximately 49 percent of fuel consumed by major mining firms.
The group operates over 63 retail fuel stations nationwide and runs a significant bunkering business, supplying marine gasoil at the Tema and Takoradi ports. Its infrastructure base includes a 30,000-metric-tonne gasoil depot in New Takoradi, a fleet of 93 bulk road vehicles, and supply agreements with international traders such as BP, Repsol, and Trafigura.
Financially, the company has recorded consistent 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 also grew from GH¢293 million to GH¢560 million over the period, with margins improving from 5.74 percent to 8.83 percent.
Projections by PricewaterhouseCoopers indicate continued expansion, with revenue forecast to reach GH¢8.41 billion in 2026 and GH¢10.98 billion by 2030. Profit after tax is expected to increase from GH¢375 million to GH¢469 million, with margins stabilising around 9 percent.
Proceeds from the IPO will be primarily used to support working capital requirements, with approximately 96.32 percent—equivalent to GH¢616.5 million—earmarked for this purpose. The remainder will cover offer-related expenses. The company noted that even if the minimum subscription threshold of GH¢300 million is met, the allocation structure will largely remain unchanged.
ZEN Petroleum Holdings’ 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 offer.
Temple Investments is acting as Lead Arranger for the transaction, with SBG Securities Ghana serving as Sponsoring Broker and Stanbic Bank Ghana as Escrow Agent.
The company is expected to list on the GSE under the ticker symbol “ZEN,” with trading anticipated to commence following the April 7, 2026 settlement date. The offer is restricted to Ghanaian investors, with the Central Securities Depository mandated to ensure compliance.
