ANOTHER Cebu-based firm is moving toward a stock market listing.
Shipping operator Aznar Shipping Corp. announced it filed a registration statement with the Securities and Exchange Commission (SEC) for an initial public offering (IPO) of up to one billion primary common shares.
The company said it is also seeking an over-allotment option of up to 100 million secondary common shares, subject to regulatory approvals.
The shares will be offered at an indicative price of up to P0.67 each, which could raise as much as P670 million in gross proceeds from the primary offering. The secondary shares under the over-allotment option could generate an additional P67 million if fully exercised.
Aznar Shipping president and chief executive officer Kyle Alexander Aznar said the IPO would help the company expand its inter-island shipping platform and support growing economic activity across the Visayas.
“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,” Aznar said.
The company plans to use the IPO proceeds for capital expenditures, including fleet expansion and shipyard facility development, as well as for general corporate purposes.
Aznar Shipping currently operates nine vessels serving four major inter-island routes, with regular port calls at eight ports across the Visayas. Its expansion strategy focuses on increasing vessel capacity, developing
additional routes and strengthening its support facilities.
The planned expansion comes as maritime activity in the Visayas continues to grow.
A study by the Center for Research and Communication said Visayas ports accounted for about 35 percent of national cargo throughput, 60 percent of passenger traffic, 49 percent of roll-on/roll-off vehicle movements and more than half of total ship calls from 2022 to 2025.
The study also projects roll-on/roll-off traffic in the Visayas to grow by about 12.9 percent annually through 2028, faster than the projected 10.7 percent national growth rate.
Aznar Shipping has appointed Investment & Capital Corp. of the Philippines and PNB Capital and Investment Corp. as joint issue managers, joint lead underwriters and joint bookrunners.
Subject to regulatory approvals and market conditions, the offer period is scheduled for Dec. 1 to Dec. 8, 2026, with listing targeted for Dec. 18 on the Philippine Stock Exchange’s SME Board under the ticker “ALX.”
The company is also enrolled in the PSE’s Listing Engagement and Assistance Program, which provides prospective listing applicants with guidance throughout the
listing process.
The latest Cebu-based firm that joined the local bourse was Top Line Business Development Group, a commercial fuel trading and retail gas distribution firm. / KOC