ZEN Petroleum Holdings PLC raised GHS 640 million ($57.9 million) in its initial public offering, drawing bids worth GHS 970 million for an oversubscription rate of 94%, the company said Tuesday ahead of its listing on the Ghana Stock Exchange.
The offer, which represented 20% of the company's issued share capital, was priced at GHS 5 per share and closed on March 31 after opening on March 25. It attracted strong demand, with institutional investors accounting for 99.3% of total bids, according to the statement.
ZEN will list its shares on the GSE on Wednesday, April 22, 2026, marking a milestone for the indigenous Ghanaian energy group founded in 2010. The company has built a fully integrated downstream petroleum business spanning trading, storage, distribution, retail, transport, logistics and bunkering.
Proceeds from the IPO will support working capital and expansion across the group's operations, which serve mining, commercial and retail customers. ZEN employs about 1,500 people as of 2025 and ranks among Ghana's leading oil marketing companies, with a significant presence in fuel supply to the mining sector.
Firm commitments from institutional investors had already covered the entire 128 million shares on offer prior to the public phase, the prospectus showed. Key participants included:
- Bora Capital Advisors Pension Funds: 96.416 million shares (75.33% of the offer, GHS 482.08 million / $43.6 million)
- Temple Impact VC Fund Ltd.: 10.4 million shares (8.13%, GHS 52 million / $4.7 million)
- Stanbic Investment Management Services Pension Funds: 7.484 million shares (5.85%, GHS 37.42 million / $3.4 million)
- Axis Pension Trust Ltd.: 6 million shares (4.69%, GHS 30 million / $2.7 million)
Other participants were Tesah Capital Pension Funds, Black Star Advisors entities linked to the Ghana Registered Nurses’ and Midwives’ Association, among others.
Professional fees for the transaction totaled GHS 14.298 million ($1.29 million), or 2.23% of the offer size, including the lead arranger’s fee of GHS 11.968 million.
Temple Investments acted as issuing house and lead manager, with SBG Securities Ghana Ltd. as sponsoring broker, Bentsi-Enchill, Letsa & Ankomah as legal adviser, PricewaterhouseCoopers as reporting accountant, Stanbic Bank Ghana Ltd. as escrow bank, and Central Securities Depository (Ghana) Ltd. as registrar. The Securities and Exchange Commission and Ghana Stock Exchange provided regulatory oversight.
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