ZEN Petroleum Holdings PLC raised GHS 640 million ($57.2m) in an oversubscribed initial public offering (IPO) on the Ghana Stock Exchange. The IPO allowed the company to sell 20% of its equity, comprising 128 million shares priced at GHS 5.00 each.
The shares listed for trading on the GSE on 22 April under the ticker ZEN. In the first week, the price of ZEN shares increased from GHS 5.00 to GHS 5.75. This growth demonstrates strong interest from Ghanaian investors.
ZEN Petroleum operates over 63 retail stations and employs more than 1,400 people. The company holds an estimated 6% market share in Ghana’s fuel and lubricants sector. This IPO marks a significant milestone for ZEN as it aims to expand its operations.
Key statistics:
- GHS 640 million raised in IPO
- Initial share price: GHS 5.00
- Share price after first week: GHS 5.75
- Number of retail stations: 63
- Employees: 1,400
- Estimated market share: 6%
The GSE Composite Index closed at 15,130.52 on 30 April, gaining 32 points. Total market turnover surged to over 41.5 million cedis, with more than 4 million shares traded.
This successful listing reflects years of perseverance and strategic decision-making aimed at creating long-term value for stakeholders, according to William Tewiah, a representative from ZEN Petroleum. The energy stock has gained an astonishing 58 pesewas over the past three sessions.
