HARBOR Star Shipping Services Inc. is looking at finally launching its estimated P454 million initial public offering late next month and listing the stock on Oct. 30, subject to finalization with the Philippine Stock Exchange (PSE), the tugboat operator said.
The company, led by chairman and president Geronimo Bella Jr., said Harbor Star plans to offer to the public up to 181.6 million shares, representing 30% of its total issued and outstanding capital stock post-IPO.
The IPO prospectus puts the offer’s ceiling price at P2.50 per share, potentially raising P454 million.
The company had earlier planned to hold the IPO in late July and list the stock on Aug. 3, but volatile market conditions prompted a deferment.
In an interview with PortCalls, Harbor Star corporate information officer Ignatius Rodriguez acknowledged that the “float is quite small,” noting the primary reason for listing is to “professionalize” the company.
“We want (the listing) to be the ultimate validation of what we have been trying to achieve in the last seven years – to professionalize our company. That’s number one. We’re the only tug company that is ISO triple certified.
“Secondly, listing will add prestige as the company moves to expand its services in the Southeast Asian region,” Rodriguez said.
He noted prospective partners in Malaysia and Indonesia normally ask, “Who is Harbor Star, who are you? (If we say) we’re a publicly listed company in the Philippines, that would open up new doors for us.”
Capital-raising is the third reason for the listing. Harbor Star will use proceeds from the share sale to acquire tugboats for its domestic and international expansion and re-fleeting; buy landing craft transport or tug-and-barge tandems for lighterage operations; settle a bridge loan for the purchase of an anchor-handling tug supply vessel; and retire debt.––Roumina M. Pablo
Photo from www.harborstar.com.ph
