Harbor Star Shipping Services Inc. put off its Php593-million initial public offering (IPO) to September. The postponement was due to the current volatility of the stock market.

According to a Philippine Stock Exchange (PSE) July 10 memorandum, the tug boat operator believed that "current market conditions are less than ideal to undertake and launch the offering." The new scheduled would be on September 2013 after consulting with Abacus Capital & Investment Corp., the company's lead underwriter.

The IPO was initially scheduled on July 22 to 26 and would be listed on the PSE by August 2. Up to 181.6 million shares were approved by the PSE, with up to Php3.27 per share set as a maximum price. This represented 30% of stock.

The proceeds of the IPO were expected to fund acquisition of tug boats and barges or tug and barge pairs, loan payment, and debt retirement. If the IPO had pushed through, it would have been the first company to have an IPO since recent global market volatility.