The Securities and Exchange Commission on Tuesday approved the ₱670 million initial public offering of Aznar Shipping Corp. The SEC en banc also approved the company’s registration statement covering up to 3.59 billion common shares.
Aznar will offer up to one billion primary common shares, while a selling shareholder will offer up to 100 million shares, at a maximum price of P0.67 each. Net proceeds of about P633.81 million from the primary offer will fund fleet expansion, shipyard facility development and general corporate purposes.
The offer period will run from December 1 to 8, ahead of the shares’ listing on the Small, Medium and Emerging Board of the Philippine Stock Exchange on December 18. The Investment and Capital Corp. of the Philippines and PNB Capital and Investment Corp. are the joint issue managers, lead underwriters and bookrunners.
The application was the first filed through the SEC’s Online Application and Registration System, which cut the processing period under the Securities Regulation Code to 40 days from 45 days. The SEC approved it on the 38th day.
