ZEN Petroleum Holdings PLC has officially begun trading on the Ghana Stock Exchange (GSE) following a successful Initial Public Offering (IPO) that was oversubscribed by 94 per cent.
The offer attracted total bids of more than GH¢970 million against a minimum target of GH¢500 million.
The capital raising exercise, conducted through a bookbuilding auction process, targeted GH¢640 million through the offer of 128 million ordinary shares at GH¢5.00 per share, representing 20 per cent of the company's enlarged share capital.
Speaking at the listing ceremony in Accra today (April 22), the Managing Director of ZEN Petroleum Holdings PLC, the Managing Director for ZEN Petroleum Holdings PLC, William Tewiah, highlighted ZEN’s journey as a significant milestone, reflecting 16 years of discipline, resilience, and belief in Ghanaian enterprise.
“The company started with a simple conviction to compete and succeed in a sector dominated by multinationals, building a fully integrated business across the downstream petroleum value chain,” he stated, emphasising the importance of strong partnerships, both local and international, in ZEN’s success.
He expressed gratitude to regulators, partners, and employees for their guidance, trust, and collaboration, which has made the listing on GSE possible.
“ZEN aims to be a company that Ghanaians can be proud of, continuing its journey to build an enduring Ghanaian enterprise,” he said.
Sir Sam Jonah, who was the guest of honour for the event, described the listing as a bold step that would give ZEN access to capital beyond bank loans and retained earnings.
However, he warned that ZEN’s successful debut on the GSE marked not a celebration but the beginning of a far more demanding journey requiring transparency, discipline and sustained performance.
Local ownership, empowerment
He stressed that true economic development went beyond macroeconomic indicators and must focus on ownership and participation.
"It is about who owns what and who benefits. When companies open up to the public, they extend an invitation to ordinary citizens like teachers, farmers and traders to own a stake in the economy," he said.
Source: Graphic Online
