PSE approves 4th and final IPO for 2024

MANILA, Philippines — The Philippine Stock Exchange Inc. (PSE) has cleared the fourth and potentially last initial public offering (IPO) for the year.

The PSE said it has given the go-signal for Top Line Business Development Corp. to proceed with its IPO, tentatively scheduled from Nov. 27 to Dec. 3.

“Doing an IPO is a big step for companies aiming for growth and expansion. We are pleased that the equities market can support Topline’s business strategy by providing access to capital it needs to accelerate its development, which is crucial in solidifying its position in the industry,” PSE president and CEO Ramon Monzon said.

Topline, a Cebu-based fuel retailer, aims to raise as much as P3.16 billion from its IPO.

The company will offer up to 3.68 billion primary shares, with up to 368.31 million over-allotment option shares at a price of up to P0.78 apiece. 

The offer price is slated to be finalized on Nov. 18 after the completion of the firm’s book building exercise.

Tentative listing date for the shares of Topline on the main board of the PSE is on Dec. 12.

 Its shares will be traded using the ticker symbol TOP.

Proceeds from the maiden offering will be used by Topline to build fuel depots in Mactan, Cebu and in Bohol that will have combined storage capacity of 30 million liters.

 The company will likewise utilize the proceeds for the purchase of fuel tankers and tank trucks as well as for the construction of 10 additional light fuels service stations. 

The PSE was originally targeting a total of six IPOs and about P175 billion worth of capital to be raised this year.

 However, only three companies have so far went public this year—NexGen Energy Corp., OceanaGold Philippines Inc. and Citicore Renewable Energy Corp.—with Topline set to be the fourth listing.