CEBU-BASED Aznar Shipping Corp. cited stronger first-half results and sustained demand for short-haul shipping in the Visayas as factors behind its decision to pursue an initial public offering (IPO) later this year.
Aznar Shipping President and CEO Kyle Alexander Aznar told reporters on Friday that the company reassessed its plans after its first-half 2026 figures showed promising revenue growth despite economic uncertainty.
The company had announced three months earlier that it had no plans to go public.
“As our first-half 2026 figures came out, we saw the revenue was very promising. We did better than last year, despite the economic uncertainty,” Aznar said.
“That’s when we realized that, for our sector, especially the short-haul feeder routes of Visayas, the market is still there. The demand is still there. So, that’s when we decided, okay, it’s time to expand,” he added.
Aznar Shipping filed its IPO application with the Securities and Exchange Commission (SEC) earlier this month, seeking to offer up to 1 billion primary common shares at an indicative price of up to P0.67 each, with an over-allotment option of up to 100 million secondary shares.
At the maximum indicative price, the IPO could raise up to P670 million in primary proceeds, while the overallotment could generate another P67 million.
The tentative offer period is from Dec. 1-8, subject to regulatory approvals, completion of the book-building process and market conditions. The target listing date is on Dec. 18 on the Philippine Stock Exchange’s small, medium and emerging board under the ticker “ALX.”
The company reported P210.99 million in revenue in the first half of 2026, up 110 percent from P100.59 million a year earlier, pushing net income up by 155 percent to P53.19 million from P20.85 million.
Earnings before interest, taxes, depreciation, and amortization (Ebitda) increased 97 percent in the period to P103.12 million from P52.41 million.
The company attributed the revenue growth mainly to additional vessel capacity from MV Manoling 6 on the Cebu-Negros Occidental route and MV Alexander 1 on the Cebu-Leyte route. Rolling cargo and vehicle transport accounted for about 86 percent of first-half revenue, while passenger transport made up about 14 percent.
Aznar said the company plans to use the IPO to support its expansion, with fleet growth taking priority.
Aznar Shipping currently has nine operating vessels, with another vessel coming, and said it intends to remain focused on the Visayas where there is still unmet demand.
“We will keep expanding if the demand is there. If we see that there’s still an opportunity, then why would we stop at a certain amount?” he said.
Aznar said the company serves a different market from larger shipping operators, focusing on short-haul routes that typically take one to three hours and allow multiple trips a day. Its current routes include Cebu-Negros, Cebu-Leyte, and Cebu-Bantayan.
“We serve essential needs, recurring demand. We’re a critical segment of the economy, of the logistics sector. Especially in the Visayas, you cannot really make do without sea transport. All the islands are separated by the sea,” Aznar said.
Aznar added he was not concerned about competing for investor liquidity with other large IPOs scheduled ahead of the company, citing the difference in industries.
“GCash is one. It’s a financial. Fintech. It’s really different from us. We’re a logistics company. We’re a service company,” he said.
Aznar said the company’s planned shipyard and dry-docking facility is still a secondary priority to fleet expansion. He declined to give an investment amount or timeline for the project, saying it remains in the preliminary stage.
