Cebu-based Aznar Shipping Corp. has filed with the Securities and Exchange Commission (SEC) to raise as much as P670 million through an initial public offering (IPO), as the regional operator seeks capital to expand its fleet and supporting infrastructure across the Visayas.
The company plans to offer up to 1 billion primary common shares at an indicative price of up to P0.67 each, subject to book-building and regulatory approvals. An over-allotment option covering up to 100 million secondary shares could raise an additional P67 million if fully exercised.
Aznar Shipping plans to use the primary proceeds for fleet expansion, shipyard facility development and general corporate purposes. The capital-raising effort comes as the company seeks to increase vessel capacity and broaden its network in a region where maritime transport remains central to the movement of people and goods.
The company operates nine vessels on four major inter-island routes, calling regularly at eight ports across the Visayas. Its short-haul, high-frequency model is geared toward passenger, vehicle and cargo traffic between regional growth centers.
The timing also reflects the Visayas’ outsized role in Philippine maritime activity.
A Center for Research and Communication study cited by the company showed that Visayas ports accounted for about 35 percent of national cargo throughput, 60 percent of passenger traffic and 49 percent of roll-on/roll-off vehicle movements from 2022 to 2025. The region also handled more than half of national ship calls during the period.
Visayas RoRo traffic is projected to grow 12.9 percent annually through 2028, outpacing the estimated 10.7 percent national growth rate.
Still, the IPO places execution alongside demand. Expanding vessels and routes requires sustained utilization, disciplined capital spending and sufficient port and shipyard capacity.
Subject to market conditions and approvals, the offer is scheduled for Dec. 1 to 8, with listing targeted for Dec. 18 on the Philippine Stock Exchange’s SME Board under the symbol ALX.
Investment & Capital Corp. of the Philippines and PNB Capital and Investment Corp. are the joint issue managers, lead underwriters and bookrunners.
