July 02, 2013

Tugboat operator lines up P593-M IPO

In a memorandum circular, the PSE said Harbor Star Shipping Services Inc.’s P593-M initial public offering (IPO) will be completed in August. The final price setting is scheduled on July 10, followed by the start of a domestic roadshow on July 11.

The offer period will start on July 22 and end on July 26 while Aug. 2 will mark the “tentative listing date and commencement of trading on the PSE” under the ticker symbol TUGS. Harbor Star plans to list 605.238 M common shares, of which 181.6 M will be sold to the public at a maximum price of P3.27 each.

Net proceeds could reach P540.826 M, Harbor Star said, adding that P227.41  M will be used for the “acquisition of tugboats for domestic and international expansion and refleeting.”

Harbor Star also allotted P120 M to buy barges for lighterage operations while another P120 M will fund the settlement of a bridge loan for the purchase of a vessel.

The remaining P73.4  M will be used to pay existing debts. It has tapped Abacus Capital and Investments Corp. as its lead issue manager and underwriter. - WealthSec