I have read the news about Harbor Star going public.
Harbor Star Shipping Services Inc., which provides harbor services to port operators and shipping companies, plans to conduct an initial public offering to raise nearly P600 million in fresh capital.
The company said in a filing with the Securities and Exchange Commission it would sell 181.6 million primary common shares at an offer price of P3.27 per share.
The shares represent 30 percent of the company issued and outstanding common shares.
The company, headed by Geronimo Bella Jr. as president and chief executive, plans to list its shares under the first board of the Philippine Stock Exchange.
Abacus Capital and Investments Corp. is the lead issue manager and underwriter of the offering.
Harbor Star plans to offer shares out of the existing authorized capital stock of P1.5 billion, comprising 1.5 billion shares with a par value of P1 apiece.
The company said it would use proceeds from the IPO, estimated to reach P593 million, to acquire tugboats for domestic and international expansion and refleeting and finance the acquisition of landing craft tank barges and anchor handling tug supply and for debt retirement.
Harbor Star also specializes in ship salvage, wreck removal, firefighting, oil spill abatement and recovery, handling hazardous chemical, deep sea towing diving and underwater searches.
The company has a fleet of 27 tugs.
The tugs are used at the major ports in Bataan, Batangas, Quezon, Cebu, Dipolog, Ilo-ilo, Cagayan de Oro, Bohol, Leyte and Davao. The tugs are mainly used to transfer various products, including oil, petroleum and mineral products from larger to smaller vessels capable of entering shallow draft ports.