Cebu shipper Aznar Shipping eyes P737M IPO to fund Visayas growth

MANILA, Philippines — Cebu-based shipper Aznar Shipping Corp. has filed an initial public offering (IPO) of its stocks to raise up to P737 million from the public, selling a growth story focused on Visayas trade and tourism. Aznar Shipping yesterday said it has submitted its registration statement to the Securities and Exchange Commission for an IPO that could raise as much as P737 million. The IPO will list up to one billion primary common shares, with an overallotment option of 100 million secondary common shares, priced at P0.67 a piece. Company president and CEO Kyle Alexander Aznar said investors who would buy into the company would be given the opportunity to hop on Visayas’ trade and tourism. Aznar Shipping will use the proceeds to add more ships and capabilities to meet the island’s requirements. Based on a study by the Center for Research and Communication, Visayas made up 35 percent of the country’s cargo throughput from 2022 to 2025. It also accounted for 60 percent of passenger traffic given that it is scattered in islands. The study also projects that roll-on, roll-off traffic in Visayas would grow by 13 percent annually through 2028, faster than the national average of just 11 percent. “Aznar Shipping’s IPO gives investors an opportunity to participate in the growth of the Visayas through an expanding inter-island shipping platform that supports trade, tourism and its everyday mobility across the region’s key growth centers,” Aznar said. “As economic activity across Visayas continues to grow, we want Aznar Shipping to grow with the region.” The IPO is backed by the Investment and Capital Corp. of the Philippines and PNB Capital and Investment Corp. as joint issue managers, joint lead underwriters and joint bookrunners. Subject to regulatory approval, the shares will be offered from Dec. 1 to 8. The listing is scheduled on Dec. 18, putting the shipper on the small, medium and emerging board of the Philippine Stock Exchange (PSE). Aznar Shipping is included in the PSE’s Listing Engagement Program, a one-stop shop for potential listers. Aznar Shipping operates a short-haul, high-frequency shipping model, owning nine vessels in its fleet, with regular port calls at eight points in Visayas.