TOP Line Business Development Corp. is reallocating its P624.6 million ($10.7 million) IPO proceeds to accelerate the expansion of its fuel service station network and boost working capital, the company said after a board meeting on Monday, June 23, 2025.
The budget for network expansion was raised to P400 million from P300 million while working capital was increased to P214.6 million from P134.6 million. The remaining P10 million is reserved for general corporate purposes.
Top Line told the local bourse the move reflects a strategy to optimize capital deployment and enhance operational flexibility, aiming to speed up market penetration across key regions.
The company scrapped its plan to acquire a P180-million fuel tanker, citing enhanced storage capacity through its existing lessor at a Mandaue City depot, which will improve inventory management and reduce logistics reliance.
Top Line, which went public this year, is focused on expanding its downstream fuel footprint through digital integration and infrastructure development, particularly in underserved markets. The IPO proceeds are expected to be fully deployed by the end of 2026. / KOC