Aznar Shipping keeps December IPO target, awaits PSE approval
The Cebu-based operator plans to use proceeds from its proposed offering of up to ₱670 million for fleet expansion, shipyard development and general corporate purposes.
Aznar Shipping Corp. is maintaining its target of listing on December 18, subject to regulatory clearance, president and CEO Kyle Alexander Aznar said. The Philippine shipping company is still awaiting approval from the Philippine Stock Exchange (PSE), despite having received Securities and Exchange Commission approval for its planned initial public offering.
The proposed IPO is worth up to ₱670 million. It comprises a primary offering of up to one billion common shares, alongside up to 100 million shares from a selling shareholder. The maximum price is ₱0.67 per share. The offer period is scheduled for December 1–8, with the company targeting the PSE’s small, medium and emerging board.
Aznar said expansion would continue even if the listing were delayed, although the pace could be slower without public funding. The company intends to put IPO proceeds towards expanding its fleet, developing shipyard facilities and general corporate purposes.
The operator has also launched a Bacolod–Dumangas service using MV Manoling 7, a 2,337-gross-ton roll-on/roll-off vessel built and acquired in 2026. The route links BREDCO Port in Bacolod City with the Port of Dumangas in Iloilo, covering approximately 16 nautical miles in around two hours each way. It is one of the company’s five major inter-island routes.
