Tanker owner Dennis Uy's IPO for Chelsea Logistics Corp (CLC) has been pushed back.

The Philippines shipping company will now attempt to list in Manila by the end of July instead of early in the month.

The deal should go through on 28 July, with the final price of shares to be set on 13 July, the Philstar website said.

Of the estimated net IPO proceeds of PHP 7.6bn ($150m), the company will spend up to PHP 4bn on the acquisition of other shipping and logistics companies.

About PHP 2.7bn will quickly go on seven vessels, with more likely.

The group, through Chelsea Shipping, Trans Asia Shipping and 2Go, has a fleet of 57 tankers and ro-paxes.

Plans include acquiring MR tankers to "capture regional shipping markets,” as well as larger ro-ro and passenger vessels, other tankers and tugs.

The company wants to expand into new routes and could acquire or upgrade ports and a shipyard.

CLC posted a net income of PHP 132m last year, a 35% jump from 2015’s PHP 98m, according to company documents.

Revenue rose to PHP 2.9bn, up 16%. It expects growth to continue.