Aznar Shipping gains approval for planned Philippine IPO
The Cebu-based company expects net proceeds of around ₱633.81 million from its primary offering and plans to list on December 18.
Aznar Shipping Corp. has received regulatory approval for an initial public offering that would include up to one billion new common shares. The Securities and Exchange Commission (SEC) said the Cebu-based passenger and cargo operator would price the shares at no more than ₱0.67 each.
At its October 19 meeting, the SEC approved making effective a registration statement covering up to 3,596,054,890 common shares, conditional on the company meeting remaining requirements. A selling shareholder would also offer up to 100 million shares.
According to the regulator, Aznar Shipping expects the primary offering to generate around ₱633.81 million in net proceeds. The company intends to use the money to expand its fleet, develop shipyard facilities and fund general corporate purposes.
The company's latest timetable submitted to the SEC sets December 1 to 8 for the offer, with a December 18 listing planned on the Philippine Stock Exchange's Small, Medium and Emerging Board.
The SEC said Aznar Shipping was the first applicant to use its Online Application and Registration System under SEC Memorandum Circular No. 24, Series of 2026. That process shortened the prescribed review period from 45 days to 40 days after payment of the initial filing fee. Approval came on day 38.
Investment & Capital Corporation of the Philippines and PNB Capital and Investment Corporation will jointly manage the issue, lead the underwriting and act as bookrunners, the regulator said.
