ZEN Petroleum Holdings PLC aims to raise GHS640mn ($58.6mn) through an initial public offering, in one of the largest listings by a locally owned downstream oil firm in Ghana in recent years, as it seeks to fund working capital and support expansion across its fuel supply chain.

The offer, which opened on March 25 and closes on March 31, comprises 128mn ordinary shares priced at GHS5.00 each, representing 20% of the enlarged share capital. The book-building auction has already secured full subscription commitments from institutional investors, according to a prospectus approved by the Securities and Exchange Commission.

Bora Capital Advisors Pension Funds has taken up 75.33% of the offer, alongside Temple Impact VC Fund and Stanbic Investment Management Services, the Daily Graphic reported.

Proceeds will be directed primarily towards working capital, with 96.32%, or about GHS616.5mn, allocated to trade payables across operating subsidiaries, and the remaining 3.68% covering professional, regulatory and capital duty costs.

ZEN Petroleum Holdings, incorporated in December 2025, operates as a holding company for five subsidiaries spanning the downstream petroleum value chain, including importation, storage, distribution, marketing, retail and logistics.

Through its core unit, ZEN Petroleum Limited, the group ranks among Ghana’s top four oil marketing companies, with an estimated 6% market share. It supplies around 49% of fuel used by major mining firms and operates more than 63 retail stations nationwide, alongside a marine bunkering business at the ports of Tema and Takoradi.

The group’s infrastructure includes a 30,000-metric-tonne gasoil depot in New Takoradi, a fleet of 93 bulk road vehicles and supply agreements with global traders including BP, Repsol and Trafigura.

Financial performance has strengthened in recent years. Revenue rose from GHS5.11bn in 2023 to GHS6.34bn in 2025, while gross profit increased from GHS414mn to GHS780mn. Operating profit climbed from GHS293mn to GHS560mn, with margins improving from 5.74% to 8.83%.

Forecasts by PricewaterhouseCoopers indicate continued growth, with revenue projected to reach GHS8.41bn in 2026 and GHS10.98bn by 2030, while profit after tax is expected to increase from GHS375mn to GHS469mn over the same period.

Founder and managing director William Tewiah currently holds all issued shares ahead of the IPO, while the board includes three independent non-executive directors: Frank Brako Adu, Freda Yahan Duplan and Mansa Nettey.

The company said that even at the minimum subscription level of GHS300mn, equivalent to 46.9% of the target, the majority of proceeds would still be directed to working capital, underscoring the transaction’s focus on liquidity support and operational scaling.