Top Line to push through with P2.75 billion IPO

MANILA, Philippines — Top Line Business Development Corp. is ready to brave the prevailing market  conditions and push through with its initial public offering (IPO).

Top Line chairman, president and CEO  Erik Lim said the company remains bullish on its upcoming market debut despite the recent downturn in the local stock market.

“For the last month or two months ago, the market was going up and then just recently after the US elections and everything, it went down. But what’s important to consider here is what is our strategy for the listing and at the same time, what’s also the growth strategy for the direction of the company,” Lim said in a media briefing yesterday.

“We’re still okay in pushing through with the listing,” he said.

Top Line will 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.

It is expected to raise up to P2.75 billion in net proceeds from the sale of primary offer shares at an indicative offer price of up to P0.78 per share subject to a book building process.

“We’re quite happy with the reception to the listing despite the market conditions. We’re very excited for the listing,” Lim said.

“Right now, since its book building phase, it’s basically feeling the market, the reception from the market. So we’ll see what will happen with the book building phase,” he said.

Based on its indicative timetable, Top Line’s book building period, which commenced last Nov. 4, will end today.

Price setting is scheduled on Nov. 18, while offer period will run from Nov. 27 to Dec. 3, 2024.

Target listing date is on Dec. 12, 2024. Top Line’s IPO is the fourth and last IPO for the year.

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