The PSE has approved the IPO application of Top Line Business Development [TOP] [link], and has given the company a tentative listing date of December 12. Pricing is scheduled for November 18, with an offer period from November 28 through December 3.
MB BOTTOM-LINE: TOP will be the last IPO of FY24. While it sucks that the PSE did not hit its target for IPOs (it got four when it was expecting six), I’m excited to take a closer look at a company like TOP that is willing to push through with a listing at such a wild time. They’re not a compliance listing like OGP (who were forced to IPO by the terms of their franchise), nor are they similar to any of the renewable energy development companies that we’ve seen spam the market over the past two years. TOP is a regional fuel retailer with distinct B2B and B2C business segments and a management team hungry to expand. But do they have the experience to increase their operations by 3-4x? Why are they planning to raise so much unattributed capital as part of their primary-heavy IPO? I hope to have these questions answered (and more) when I speak to the management team later this week. I’ll publish the results in a special Inside the Boardroom episode coming out soon.
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