Aznar Shipping eyes P737-M IPO for fleet expansion, shipyard

Cebu-based passenger and cargo services company Aznar Shipping Corp. is planning to conduct an initial public offering (IPO) to raise funds to bankroll its fleet expansion and proposed shipyard project. At a press briefing in Makati City on Friday, Aznar Shipping president and CEO Kyle Alexander Aznar said the company is expecting to raise P670 million from the primary offering and another P67 million from an overallotment option, for a total proceeds of P737 million. "This is not yet final. It's all subject to the book-building target," Aznar said. He said the proceeds of the capital raising initiative will fund the company fleet expansion and shipyard development as well as general corporate purposes. Aznar said the company is looking at increasing its fleet of nine vessels to a number that would meet the growing demand in the Visayas. He clarified that Aznar Shipping's main focus is to grow its fleet before it will proceed to its shipyard development plan. As for the IPO, he said, "We're trying to target December… during the month of December." Despite a volatile stock market environment, Aznar said the company is still confident with proceeding with planned IPO. "You know, in our market, I don't see the volume going down. Despite everything, our volume has still held up. Our numbers are good. Definitely, the demand is there. The volume is there," he said. "And I believe it's the right time to expand. Just judging from the numbers," he added. In the first half of 2026, Aznar Shipping booked P210.99 million, up 110% from P100.59 million in the same period last year, driven mainly by additional vessel capacity and higher cargo and passenger revenues. Aznar Shipping operates as a regional specialist focused on short-haul, high frequency routes across the Visayas. The company focuses on feeder routes connecting ports across Cebu, Leyte, Panay and Negros Occidental, with vessel deployment based on prevailing port infrastructure and route economics. "Our strategy is centered on routes where recurring demand, regional market knowledge and the right vessel deployment allow us to operate efficiently. We believe this positions Aznar Shipping to participate in the continued growth of trade and mobility across the Visayas," Aznar said. — VDV, GMA News