THE Securities and Exchange Commission (SEC) has approved the registration statement for Aznar Shipping Corp.’s planned P670-million initial public offering (IPO), marking the first IPO application processed under the regulator’s new online registration system.
The SEC said in a statement on Tuesday that its Commission En Banc resolved on Oct. 19 to render effective the shipping company’s registration statement covering up to 3.60 billion common shares, subject to compliance with remaining requirements.
The application was the first filed through the SEC’s Online Application and Registration System (OARS) under Memorandum Circular No. 24, Series of 2026.
The circular shortened the prescribed processing period under Republic Act No. 8799, or the Securities Regulation Code, to 40 days from 45 days, counted from payment of the initial filing fee.
“The Commission approved Aznar Shipping’s application on the 38th day, ahead of the prescribed 40-day period,” the SEC said.
Aznar Shipping plans to offer up to one billion newly issued common shares and up to 100 million existing shares to be sold by a shareholder at a maximum price of P0.67 apiece.
The primary offering could raise up to P670 million in gross proceeds, while the secondary offering could generate another P67 million for the selling shareholder.
The combined offering could be valued at up to P737 million at the maximum offer price.
Aznar Shipping expects net proceeds of approximately P633.81 million from the primary offering, which it plans to use for fleet expansion, shipyard facility development, and general corporate purposes.
The offer period is scheduled for Dec. 1 to 8, with the shares expected to list on the Philippine Stock Exchange’s Small, Medium and Emerging Board on Dec. 18, based on the latest timetable submitted to the SEC.
Investment & Capital Corp. of the Philippines and PNB Capital and Investment Corp. have been appointed as joint issue managers, lead underwriters, and bookrunners for the offering. — Alexandria Grace C. Magno