Manila: Tug boat operator Harbor Star Shipping has decided to defer its scheduled IPO, less than 10 days after it revealed the IPO plan.
“We believe that current market conditions are less than ideal to undertake and launch the offering. In this regard, we have decided to defer the scheduled IPO that was initially set to be offered on July 22 to 26, 2013 and listed on August 2, 2013. Tentatively, we are looking at a new offer period within September 2013,” the company said in a letter to the Philippine Stock Exchange.
Harbor Star planned to raise P593.83m from the sale of 181.60m common shares, representing 30 percent of the company's issued and outstanding capital stock. [11/07/13]
