SEC clears Aznar Shipping IPO

MANILA, Philippines — The Securities and Exchange Commission (SEC) has approved what could be the country’s second and final initial public offering (IPO) for 2027, involving Cebu-based shipping operator Aznar Shipping Corp.

The SEC said it has favorably considered Aznar Shipping’s IPO for up to P670 million.

The company will offer up to one billion common shares in the primary offering, while a selling shareholder will offer and sell up to 100 million shares.

Each share will be priced at a maximum of P0.67.

Aznar Shipping expects to use the proceeds to fund fleet expansion, shipyard facility development and general corporate purposes.

The offer period is expected to run from Dec. 1 to Dec. 8. The issuance and listing of the shares on the Philippine Stock Exchange’s small, medium and emerging board is targeted for Dec. 18.

Aznar Shipping has tapped the Investment & Capital Corp. of the Philippines and the PNB Capital and Investment Corp. as the joint issue managers, lead underwriters and bookrunners for the offer.

The company is pushing ahead with its IPO despite a challenging market environment.

Aznar Shipping president and CEO Kyle Alexander Aznar said he is confident in the company’s story, fundamentals and business model, even if current market conditions are uncertain.