September 26, 2013

Harbor Star sets IPO price

Harbor Star Shipping Services Inc has set the price of its initial public offering (IPO). The tugboat operator said gross proceeds from its maiden share sale will reach P341.41 million after pricing the maiden share sale at P1.88 apiece.

Net proceeds 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.

The company initially set its maximum price at P3.27 per share but later revised it down to P2.50. The share sale will run from October 16 to 23, while tentative listing date is set on October 30. - WealthSec