TUGBOAT OPERATOR HARBOR STAR AIMS FOR HALF-A-BILLION PESOS FROM IPO LATER THIS MONTH
MANILA – Harbor Star Shipping Services Inc is scheduled to conduct its maiden share sale later this month after securing the approval of the Philippine Stock Exchange (PSE) to go public.
In a memorandum, the PSE said the tugboat operator will raise P593.83 million from the sale of 181.60 million common shares at a maximum price of P3.27 per share. The initial public offering (IPO) will run from July 22-26.
The final offer price will be determined on July 10 and the domestic roadshow will begin on July 11. Tentative listing date of the offer shares representing 30 percent of the company’s issued and outstanding capital under the first board of the PSE will be on August 2.
Abacus Capital & Investment Corp was tapped as the issue manager and lead underwriter of the offering.
Net proceeds of P540.83 million will be used to purchase tugboats for domestic and overseas expansion and re-fleeting, finance the acquisition of landing craft tank barges and anchor handling tug supply, as well as debt retirement. Proceeds from the share sale will be disbursed in the third quarter of the year.
With more than 20 tugboats, Harbor Star services approximately 5,000 vessels a year calling on various ports nationwide. Its services include towage, ship salvage, oil and chemical spill response, as well as firefighting. It has expanded its services to underwater repairs, pipe-laying, underwater photography and video and other maritime services.
If it pushes through, Harbor Star’s listing will be the fourth this year after Philippine Business Bank and Asia United Bank held IPOs and Del Monte Pacific Limited listed by way of introduction.
Unlike an IPO, listing by way of introduction involves no immediate sale of shares, but requires the applicant to do so within a year after joining the bourse.