Cebu-based Aznar Shipping Corp. has submitted a registration statement to the Securities and Exchange Commission (SEC) for an initial public offering (IPO) that could raise up to P737 million.
The IPO comprises a primary offering of up to 1 billion common shares priced at an indicative maximum of P0.67 each, potentially generating P670 million. An overallotment option for 100 million secondary shares could add another P67 million.
Capital Growth to Support Expansion
Kyle Alexander C. Aznar, President and CEO of Aznar Shipping, stated the funds will be utilized to enhance the company's fleet and capacity.
As economic activity across the Visayas continues to grow, we want Aznar Shipping to grow with the region. The additional capital will help us strengthen our fleet and supporting capabilities so we can connect more growth centers and provide the maritime capacity needed to move more passengers, vehicles, and cargoes.
Kyle Alexander C. Aznar, President and CEO
Pending regulatory approvals, the offer period is set for December 1 to 8, with a target listing date of December 18 on the Small, Medium and Emerging Board of the Philippine Stock Exchange (PSE) under the symbol 'ALX'.
Aznar Shipping operates nine vessels across four major inter-island routes, serving eight ports in the Visayas. Recent studies indicate that ports in this region handle approximately 35% of the country’s cargo throughput.
- The Visayas accounts for 60% of national passenger traffic.
- Projected growth of RoRo traffic in the Visayas is 12.9% through 2028, exceeding the national average of 10.7%.
Investment & Capital Corp. of the Philippines and PNB Capital and Investment Corp. are engaged as joint issue managers and underwriters for the IPO.
Aznar Shipping is also part of the PSE’s Listing Engagement and Assistance Program (LEAP), which aids companies preparing for public listings.