Ghana: ZEN Petroleum Raises Gh¢640M In IPO, To List On GSE April 22

Ghanaian indigenous oil marketing company, ZEN Petroleum Holdings PLC, will on Wednesday, April 22, 2026, be officially listed on the Ghana Stock Exchange (GSE) after successfully raising GH¢640 million through an Initial Public Offering (IPO), a statement issued by the company has revealed.

The amount represents 20 percent of its issued share capital.

The IPO, which opened on March 25 and closed on March 31, 2026, attracted strong investor demand, with total bids reaching GH¢970.2 million—an oversubscription of 94 percent.

Institutional investors dominated the offer, accounting for 99.3 percent of total bids, underscoring strong confidence in ZEN Petroleum’s business model, operational track record, and long-term growth prospects.

Founded in 2010, ZEN Petroleum has grown into a fully integrated Ghanaian energy company, with operations spanning trading, storage, distribution, retail, and logistics within the downstream petroleum sector. The company currently employs approximately 1,500 people.

The listing is expected to enhance ZEN’s access to long-term capital, strengthen its corporate governance structures, and boost its visibility within Ghana’s capital markets.

Proceeds from the IPO are expected to support the company’s strategic expansion across its downstream operations.

The listing ceremony will be held in collaboration with key transaction partners, including the Ghana Stock Exchange, the Central Securities Depository (Ghana) Limited, and Stanbic Bank Ghana Limited.

Commenting on the upcoming listing, ZEN management stated:“Our upcoming listing is a defining moment for ZEN Petroleum and a testament to the trust our investors have placed in us. From our beginnings in 2010, we have built the business with a clear focus on quality, discipline, and long-term value creation. As a publicly listed company, we are committed to upholding the highest standards of governance and delivering sustainable value for our shareholders, while contributing meaningfully to Ghana’s energy sector and capital markets.”

ZEN also acknowledged the professional advisory teams whose expertise was instrumental in the successful execution of the transaction: Temple Investments as Issuing House and Lead Manager; SBG Securities Ghana Limited as Sponsoring Broker; Bentsi-Enchill, Letsa & Ankomah as Legal Adviser; PricewaterhouseCoopers as Reporting Accountant; Stanbic Bank Ghana Limited as Escrow Bank; and Central Securities Depository (Ghana) Limited as Registrar.

The company also expressed gratitude to the Securities and Exchange Commission and the Ghana Stock Exchange for their regulatory oversight and support throughout the process.