SEC clears Aznar Shipping’s P670-M IPO

Cebu-based Aznar Shipping Corp. has secured Securities and Exchange Commission (SEC) approval for an initial public offering (IPO) that could raise up to P670 million to help finance fleet expansion and shipyard development.

The Aznar family-led shipping operator plans to offer up to 1 billion common shares at a maximum price of P0.67 each.

“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 SEC said.

Based on its latest timetable submitted to the SEC, the offer period will run from Dec. 1 to Dec. 8.

The shares are targeted for listing on the Philippine Stock Exchange’s small, medium and emerging board on Dec. 18.

The SEC en banc on Oct. 19 approved the registration statement covering up to 3.6 billion common shares, subject to compliance with remaining requirements.

Aznar Shipping’s application was first filed through the SEC’s Online Application and Registration System under Memorandum Circular No. 24, Series of 2026.

The circular streamlined the registration process, shortening the prescribed processing period to 40 days from 45 days, counted from payment of the initial filing fee.

The SEC said it had approved Aznar Shipping’s application on the 38th day, ahead of the revised deadline.

Investment & Capital Corp. of the Philippines and PNB Capital and Investment Corp. will serve as joint issue managers, lead underwriters and bookrunners for the offering.