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VisayasSEC approves Cebu-based Aznar Shipping's P670-million IPO, listing set for December 18
The regulator cleared the shipping firm's offer of up to one billion new shares at a maximum of P0.67 each, the first application filed under its online system.
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The Securities and Exchange Commission (SEC) has approved the initial public offering (IPO) of Aznar Shipping Corp., a Cebu-based passenger and cargo shipping company, according to GMA News, BusinessWorld and The Philippine Star. An IPO is a company's first sale of shares to the public.
In a statement on Tuesday, the SEC said it had "considered favorably" the company's application, GMA News reported. The regulator's Commission En Banc resolved on October 19 to render effective Aznar Shipping's registration statement, subject to the company's compliance with certain remaining requirements. The registration covers up to 3,596,054,890 common shares.
Key figures
The offer
Aznar Shipping will offer up to one billion new common shares in the primary offering, while a selling shareholder will offer up to 100 million existing shares, according to the SEC statement cited by the three outlets. Each share will be priced at a maximum of P0.67.
BusinessWorld reported that the primary offering could raise up to P670 million in gross proceeds, and the secondary offering another P67 million for the selling shareholder. At the maximum price, the combined offering could be worth up to P737 million, the newspaper said.
The company expects net proceeds of about P633.81 million from the primary offering. It plans to use the money for fleet expansion, shipyard facility development and general corporate purposes, GMA News and BusinessWorld reported.
Investment & Capital Corp. of the Philippines and PNB Capital and Investment Corp. were named joint issue managers, lead underwriters and bookrunners for the offering.
Source: BusinessWorld
Table
| Primary offering | ₱670 million |
|---|---|
| Secondary offering | ₱67 million |
Timetable
Based on the latest timeline the company submitted to the SEC, the offer period will run from December 1 to 8. The shares are expected to be listed on December 18 on the Small, Medium and Emerging Board of the Philippine Stock Exchange, according to GMA News and BusinessWorld. The Philippine Star reported the same dates.
First under the online system
The SEC said Aznar Shipping's application was the first filed through its Online Application and Registration System, or OARS, under Memorandum Circular No. 24, Series of 2026, BusinessWorld and GMA News reported.
That circular shortened the processing period under Republic Act No. 8799, the Securities Regulation Code, from 45 days to 40 days, counted from the payment of the initial filing fee. According to the SEC, it approved Aznar Shipping's application on the 38th day, ahead of the 40-day limit.
Timeline
SEC Commission En Banc renders the registration statement effective GMA News
Offer period opens BusinessWorld
Offer period closes BusinessWorld
Target listing on the PSE Small, Medium and Emerging Board GMA News
Market conditions
The Philippine Star reported that the company is pushing ahead with its IPO despite a challenging market environment. Aznar Shipping president and chief executive officer Kyle Alexander Aznar said he is confident in the company's story, fundamentals and business model, even though current market conditions are uncertain, according to the newspaper.
The SEC approval still depends on the company meeting the remaining requirements, the regulator said.
Sources
Written and translated by AI (Claude) using only the reports listed below. Read the full story at the original source.