Aznar Shipping to remain Visayas-centric post-IPO

MANILA, Philippines — Aznar Shipping Corp. plans to keep its expansion within the Visayas even as the Cebu-based shipping company prepares to raise fresh capital from an initial public offering (IPO), betting there are still enough opportunities in its home market. On Friday, company president and CEO Kyle Alexander Aznar said they have no immediate plans to expand outside the Visayas. "We are very bullish on the Visayas. We believe there are still a lot of opportunities in the Visayas," Aznar said. The company plans to use the proceeds from the IPO to fund its expansion plans in the Visayas, which include acquiring new vessels and expanding its route network. Aznar Shipping is one of the leading shipping companies in the Philippines, with a fleet of over 50 vessels. The company operates a wide range of services, including cargo shipping, passenger ferries, and logistics solutions. The IPO is expected to be completed by the end of the year. Aznar Shipping has tapped BDO Capital & Investment Corp. as the underwriter for the IPO.