CEBU-BASED shipping operator Aznar Shipping Corp. has filed for an initial public offering (IPO) of up to P737 million, seeking fresh capital to expand its fleet and shipyard facilities as roll-on/roll-off (RoRo) traffic in the Visayas is projected to grow faster than the national rate.
The company filed its registration statement with the Securities and Exchange Commission (SEC) for up to 1 billion primary common shares at an indicative price of up to P0.67 per share.
“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 everyday mobility across the region’s key growth centers,” Aznar Shipping President and CEO Kyle Alexander Aznar said.
At the maximum price, the primary offering could raise up to P670 million in gross proceeds.
An over-allotment option covering up to 100 million secondary shares could generate an additional P67 million if fully exercised, bringing the potential transaction size to about P737 million.
The proceeds from the primary offering will be used mainly for capital expenditures, including fleet expansion and shipyard facility development, as Aznar Shipping seeks to increase capacity and expand its operations across the Visayas.
A study by the Center for Research and Communication (CRC) showed that Visayas ports accounted for about 35 percent of national cargo throughput, 60 percent of passenger traffic, 49 percent of roll-on/roll-off vehicle movements, and more than half of ship calls nationwide from 2022 to 2025.
The CRC study also projects Visayas RoRo traffic to grow at an average rate of about 12.9 percent through 2028, faster than the projected national growth rate of 10.7 percent.
The company said its expansion strategy centers on increasing vessel capacity, developing additional viable routes, and strengthening its supporting infrastructure to accommodate a larger regional shipping platform.
“As economic activity across the Visayas continues to grow, we want Aznar Shipping to grow with the region. The additional capital will help us strengthen our fleet and supporting capabilities so we can connect more growth centers and provide the maritime capacity needed to move more passengers, vehicles and cargoes,” Aznar said.
Aznar Shipping has tapped Investment & Capital Corporation of the Philippines and PNB Capital and Investment Corp. as joint issue managers, joint lead underwriters, and joint bookrunners for the IPO.