CEBU-BASED Topline Business Development Corp. is gearing up for its Initial Public Offering (IPO) and plans to conduct roadshows nationwide once it secures approval from the Philippine Stock Exchange (PSE).
On Tuesday. Oct. 15, 2024, Topline president and chief executive officer Eugene Erik Lim said that while the Securities and Exchange Commission (SEC) has already cleared their IPO application, they are awaiting PSE approval to proceed.
“When we get that clearance, we will conduct roadshows across the country,” Lim said.
If successfully cleared by the PSE, Lim said Top Line would be the first post-pandemic listing from the Visayas-Mindanao area. It would also be Cebu’s latest listed company since Cebu Landmasters Inc. in 2017.
Top Line is a Cebu-based company that started commercial fuel trading operations in 2017, mainly in Cebu Province. It operates a retail distribution network through a chain of fuel stations, Light Fuels.
10 Light Fuels stations
On Tuesday, the company inaugurated two new Light Fuels stations located on North Reclamation Road, Ouano Avenue and Jagobiao, Cebu North Road, both in Mandaue City.
The ceremony also extended to its first service station on A.C. Cortes Avenue, Mandaue City which was launched in 2023.
“This is a milestone for Top Line. For the last 11 years, we have been focused on real estate and industrial fuel distribution, and as we expand into the retail fuel sector, we are encouraged and see huge potential in the industry because of Cebu’s robust economy,” said Lim.
He announced that two additional Light Fuels service stations are also expected to open in October located in Liloan, Cebu, and Looc, Lapu Lapu City, bringing the total number of operating fuel stations to five in Metro Cebu.
Lim said they are on track to meet the 10 target service stations by the end of this year. Two of these are Light Fuels Express stations, a smaller format that will cater to motorcycles and light vehicles.
The other upcoming locations of Light Fuels stations are in Tulay in Minglanilla, Talamban, Casili in Consolacion, San Fernando, Cebu and MEPZ Gate 4.
The company is investing P210 million for the expansion of its Light Fuel service stations.
Meanwhile, Top Line’s IPO is scheduled to take place from Nov. 6 to 12, with the listing on the PSE’s Main Board set for Nov. 22. Top Line’s planned IPO is worth up to P2.87 billion.
The company will offer up to 3.68 billion shares at a maximum price of P0.78 per share, along with an additional 368.31 million secondary shares from selling shareholders as part of the overallotment option. / KOC