CEBU-BASED Top Line Business Development Corp. has secured final regulatory approval for its initial public offering (IPO).
The Securities and Exchange Commission (SEC) officially granted the Company an Order of Registration and a Permit to Sell on March 21, 2025, allowing it to proceed with the sale of approximately 22 percent of its common shares to the public.
Under the approved terms, Top Line will offer 2.15 billion primary common shares with an overallotment option of up to 214.84 million secondary shares.
The Philippine Stock Exchange (PSE) had previously issued a Notice of Approval in late February, paving the way for Top Line’s listing on the PSE Main Board under the trading symbol TOP on April 8, 2025. The offer period runs from March 24 to 31, 2025, with shares priced at P0.31 per share, determined through a book-building process involving both international and local institutional investors.
“As the first company from Cebu to list in almost a decade, despite being founded just over a decade ago, we are thrilled to reach this milestone. Our listing is a key step in our vertical integration strategy, allowing us to sustain rapid capital appreciation,” said Top Line’s chairman, president and chief executive officer (CEO) Erik Lim.
The last time Cebu witnessed a homegrown company get listed was in 2017. Cebu Landmasters Inc.’s maiden offering took place in June 2017.
Top Line expects to raise approximately P624.6 million in IPO net proceeds.
The company said it remains committed to its expansion plans, with P300 million allocated for the construction of 20 service stations under its Light Fuels brand and P180 million designated for the acquisition of fuel tankers, representing 48 percent and 28.8 percent of the net proceeds, respectively.
Following its final offer price, adjustments were made in the allocation of its working capital at P134.6 million and general corporate purposes at P10 million, accounting for 21.6 percent and 1.6 percent of the net proceeds, respectively.
“We are fully committed to our IPO strategy, prioritizing the construction of service stations and the acquisition of additional fuel tankers to sustain our strong profit margins,” he said.
The Investment & Capital Corp. of the Philippines (ICCP) serves as issues manager, joint lead underwriter and joint bookrunner alongside PNB Capital and Investment Corp. as joint leader underwriter and joint bookrunner.
ICCP senior managing director J. Mariano Ocampo affirmed the firm’s confidence in Top Line’s potential, citing its strong leadership and strategic vision as key drivers of its market positioning.
PNB Capital president and CEO Gerry Valenciano also highlighted Top Line’s sustained profitability and growth opportunities in the fuel industry, particularly in Central Visayas, where the company has a competitive advantage. / KOC