Photograph by Mico Virata for DAILY TRIBUNE
Fresh from the blockbuster stock market debut of GCash parent Mynt Inc., the Philippine equities market is gearing up for another listing after the Securities and Exchange Commission (SEC) cleared Aznar Shipping Corp.'s planned initial public offering (IPO) worth up to P670 million.
The SEC said on Tuesday that its Commission En Banc favorably considered Aznar Shipping's registration statement on 19 October, covering up to 3.6 billion common shares, subject to compliance with remaining requirements.
Under the proposed IPO, Aznar Shipping will offer up to one billion new common shares, while an existing shareholder will sell another 100 million shares at a maximum price of P0.67 apiece.
The company expects to generate approximately P633.81 million in net proceeds from the primary offering, which will be used to expand its fleet, develop shipyard facilities and support general corporate requirements.
The planned investments are expected to strengthen the company's shipping operations and provide additional capacity for future growth.
According to the latest timetable submitted to the SEC, the offer period will run from 1 to 8 December, ahead of the targeted listing on the Philippine Stock Exchange's Small, Medium and Emerging Board on 18 December.
Aznar Shipping's planned market debut follows the successful listing of Mynt, which operates GCash, in what has become the largest IPO in Philippine history and Southeast Asia's biggest public offering since 2021.
Mynt's shares began trading on the local bourse on Tuesday at an offer price of P6.60 apiece, a major milestone for the country's capital market.
Meanwhile, Aznar Shipping's application also marked a breakthrough in the SEC's efforts to accelerate public offerings and reduce regulatory processing time.
The company became the first IPO applicant to file through the regulator's Online Application and Registration System under SEC Memorandum Circular No. 24, Series of 2026.
Under the streamlined rules, the prescribed processing period was reduced to 40 days from 45 days following payment of the initial filing fee.
The SEC approved Aznar Shipping's application on the 38th day, ahead of the revised deadline.
Aznar Shipping has tapped Investment & Capital Corp. of the Philippines and PNB Capital and Investment Corp. as joint issue managers, lead underwriters, and bookrunners for the offering.
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