Top Line readies P3.2 billion IPO

MANILA, Philippines — Top Line Business Development Corp. is preparing for a P3.2-billion initial public offering (IPO) later this year to fuel its expansion plans.

Top Line intends to offer to the public up to 3.68 billion primary common shares with an overallotment option of up to 368.31 million secondary common shares.

The indicative offer price is up to P0.78 per share subject to a bookbuilding process.

The tentative offer period is scheduled from Oct. 28 to Nov. 5, 2024.

A registration statement and listing application has been filed by the company with the Securities and Exchange Commission and The Philippine Stock Exchange Inc., respectively.

“With our accelerating growth in recent years in the fuel sector of the Visayas region, we are poised for the company’s historic milestone of listing on the PSE,” Top Line chairman, president and CEO Erik Lim said.

Top Line’s planned IPO could potentially be the fourth this year after NexGen Energy Corp., OceanaGold Philippines Inc. and Citicore Renewable Energy Corp.

Top Line is a Cebu-based company active in commercial fuel trading, depot operations and retail fuel distribution in the Visayas region.

Its two subsidiaries are Light Fuels Corp. which is engaged in the fuel retail sector and Top Line Logistics and Development Corp. which is envisioned to engage in the importation, trading, distribution and marketing of petroleum-based products.

In the first half, Top Line saw its net income surge by 190 percent year-on-year to P60.6 million as revenues accelerated by 15 percent to P1.56 billion.