Aznar Shipping pushing through with IPO

MANILA, Philippines — Aznar Shipping Corp. is ready to go full steam ahead with its planned initial public offering (IPO) next month despite challenging market conditions marked by a weakening peso and sluggish stock market.

“Again, it depends on the regulators. But if you ask us here in the company, if all the regulators give their approval, yes we’re still optimistic about it. We still plan for Dec. 18,” Aznar Shipping president and CEO Kyle Alexander Aznar said.

“But we’re still waiting for PSE (Philippine Stock Exchange) approval, so it depends on that,” he said.

The Cebu-based shipping operator secured the Securities and Exchange Commission’s approval last month for its up to P670-million IPO, where the company will offer up to one billion common shares as part of the primary offer, and up to 100 million shares to be offered and sold by a selling shareholder.

Each share will be priced at a maximum of P0.67.

Offer period will run from Dec. 1 to Dec. 8, with the issuance and listing of the shares on the small, medium and emerging board of the PSE eyed on Dec. 18.

Aznar Shipping will use proceeds from the IPO to fund fleet expansion, shipyard facility development and general corporate purposes.

“Public listing, to me, is a huge leap from when we started as really a traditional family company years ago,” Aznar said.

Acknowledging that market conditions are beyond the company’s control, Aznar said the company remains committed to its expansion plans, regardless of whether the IPO pushes through or is postponed.

“We’ve expanded a lot in recent years without IPO proceeds, so we’re more than capable of still doing it. Maybe, not as fast as being a public company. But definitely, we can’t stop growing,” he said.

Aznar Shipping launched over the weekend its Bacolod–Dumangas route, deploying its brand-new MV Manoling 7 as the company expands its inter-island shipping network into another key economic corridor in Western Visayas.

Built and acquired in 2026, Manoling 7 is a 2,337-gross-ton roll-on/roll-off (RORO) vessel and is among the newest and largest RORO vessels in Aznar Shipping’s fleet.

The vessel will operate between BREDCO Port in Bacolod City and the Port of Dumangas in Iloilo.

The Bacolod–Dumangas route spans approximately 16 nautical miles, with an average travel time of around two hours per way.

“The launch of our Bacolod–Dumangas service expands Aznar Shipping’s presence into an important trade corridor connecting Negros and Panay Islands. By deploying Manoling 7 on this route, we are bringing additional capacity to support the movement of vehicles and goods between two of Western Visayas’ major economic centers,” Aznar said.

The Bacolod–Dumangas corridor becomes one of Aznar Shipping’s five major inter-island routes, with its broader network spanning 10 regular ports of call across Cebu, Leyte, Panay and Negros Island.

Together with the company’s other newer vessels, the addition of Manoling 7 strengthens its carrying capacity and operational flexibility as it expands its short-haul shipping network across the region.