In a statement, Petrolift blamed the postponement on last Thursday’s "mutinous attempt to undermine the GMA Administration" which had prompted the lead underwriter and Petrolift to decide to "revisit" the timetable.

"Prospective investors, especially institutional accounts, both local and foreign, remain keen on the company’s planned IPO. As such, Petrolift’s IPO will be rescheduled at the soonest possible time," the statement said.

It added that stock analysts and financial advisers alike agree that revisiting the IPO timetable is the most prudent move given the political uncertainty caused by last week’s event.

"Petrolift’s decision to revisit their timetable is a wise move at this time," said Jojo Aquino, Head of Institutional Sales of ATR Kim Eng.

In the meantime, the company continues to expand and grow to meet the demands of the industries that they serve, including petroleum, mining, bio-fuels and other related industries.

Petrolift is set to relaunch its newly fitted double hull vessel this month. The tanker-barge is being fitted with an outer hull to provide an additional layer of protection against spillage resulting from grounding or collision.

Petrolift had hoped to raise P3.5 billion from the IPO consisting of a maximum of 712 million shares at a price range of P4.90 to P7.65 through a primary and secondary offer.

Funds raised from the Primary Offer will be used for the acquisition of double hull tanker vessels, upgrading of existing tankers from single hull to double hull and acquisition of drybulk carriers, transportation equipment as support to mining logistics.