ZEN Petroleum Holdings PLC is set to raise GH¢640 million through an Initial Public Offering (IPO) on the Ghana Stock Exchange as it moves closer to its planned market debut.
The IPO, which opened on March 25 and closes on March 31, 2026, involves 128 million ordinary shares priced at GH¢5.00 each, representing 20% of the company’s enlarged share capital. The offer is being carried out through a bookbuilding process, with proceeds largely aimed at strengthening working capital across its subsidiaries.
According to the prospectus dated March 17, 2026, and approved by the Securities and Exchange Commission Ghana, the offer has already been fully subscribed through firm commitments from institutional investors, including Bora Capital Advisors Pension Funds, Temple Impact VC Fund, and Stanbic Investment Management Services.
ZEN Petroleum Holdings, incorporated in December 2025, operates as the holding company for five subsidiaries active across the downstream petroleum value chain, including importation, storage, distribution, retail, and logistics.
Through its main subsidiary, ZEN Petroleum Limited, the group ranks among Ghana’s leading oil marketing firms with an estimated 6% market share and a strong footprint in the mining sector, supplying a significant share of fuel to major mining companies.
The company operates more than 63 fuel stations nationwide and maintains a major bunkering operation supplying marine gasoil at the ports of Tema and Takoradi. Its infrastructure includes a 30,000-metric-tonne gasoil depot in New Takoradi and a fleet of 93 bulk road vehicles, supported by supply agreements with international traders such as BP, Repsol, and Trafigura.
Financially, ZEN Petroleum has demonstrated steady growth, with revenue increasing from GH¢5.11 billion in 2023 to GH¢6.34 billion in 2025. Gross profit rose from GH¢414 million to GH¢780 million, while operating profit climbed from GH¢293 million to GH¢560 million over the same period.
Projections by PricewaterhouseCoopers suggest continued expansion, with revenue expected to reach GH¢8.41 billion in 2026 and GH¢10.98 billion by 2030, alongside steady growth in profitability.
The company is governed by a six-member board, including three independent non-executive directors: Frank Brako Adu, Freda Yahan Duplan, and Mansa Nettey. Founder and Managing Director William Tewiah currently holds full ownership prior to the IPO.
About 96.32% of the IPO proceeds will be used as working capital, while the remainder will cover offer-related costs. The company is expected to list under the ticker symbol ZEN, with trading anticipated after the April 7, 2026 settlement date.