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The Securities and Exchange Commission approved the initial public offering of Cebu-based carrier Aznar Shipping Corp. for up to P670 million covering up to 3.596 billion common shares
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Aznar Shipping will offer up to one billion common shares as part of the primary offer, while up to 100 million shares will be offered and sold by a selling shareholder, for a maximum of P0.67 per share
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Aznar Shipping expects to net around P633.81 million from the primary offer, which will be used for fleet expansion, shipyard facility development, and general corporate purposes
The Securities and Exchange Commission (SEC) has approved the planned initial public offering (IPO) of Cebu-based carrier Aznar Shipping Corp. for up to P670 million.
SEC in a statement on October 20 said it “considered favorably” the domestic carrier’s IPO, after its Commission En Banc in a meeting on October 19 “resolved to render effective” the registration statement of Aznar Shipping covering up to 3.596 billion common shares, subject to the company’s compliance with certain remaining requirements.
Aznar Shipping will offer up to one billion common shares as part of the primary offer, while up to 100 million shares will be offered and sold by a selling shareholder.
Each share will be priced at a maximum of P0.67.
Aznar Shipping expects to net around P633.81 million from the primary offer, which will be used for fleet expansion, shipyard facility development, and general corporate purposes.
The offer period will run from December 1 to 8, 2026, in time for the issuance and listing of the shares on the Small, Medium and Emerging Board of the Philippine Stock Exchange on December 18, according to the latest timeline submitted by the company to the Commission.
READ: Aznar Shipping files for IPO, targets P737M for expansion
Aznar Shipping has tapped the Investment & Capital Corporation of the Philippines and the PNB Capital and Investment Corporation as the joint issue managers, lead underwriters and bookrunners for the offer.
SEC, meanwhile, noted that Aznar Shipping’s application was the first to be filed through its Online Application and Registration System (OARS). It noted that under the streamlined process through OARS, the prescribed processing period was reduced from 45 days to 40 days from paymentof the initial filing fee.
SEC said it approved Aznar Shipping’s application on the 38th day, ahead of the prescribed 40-day period.
“Aznar Shipping’s IPO gives investors an opportunity to participate in the growth of the Visayas through an expanding inter-island shipping platform that supports trade, tourism, and everyday mobility across the region’s key growth centers,” ASC president and chief executive Kyle Alexander Aznar earlier said.
READ: Charting Aznar Shipping’s course: Inside Kyle Alexander Aznar’s IPO playbook
ASC operates a short-haul, high-frequency shipping model with nine operating vessels focused on four major inter-island routes with regular calls at eight ports across the Visayas.
The company’s expansion strategy is anchored on increasing vessel capacity, developing additional viable routes, and strengthening the supporting capabilities needed to operate a larger regional shipping platform.
