Topline’s P3.2-B IPO gets PSE nod, listing set for Dec. 12
CEBU-BASED fuel retailer Top Line Business Development Corp. (Topline) has secured the approval of the Philippine Stock Exchange (PSE) for its planned initial public offering (IPO) worth up to P3.16 billion. Top Line’s maiden offering will consist of 3.68 billion primary shares and an overallotment option of up to 368.31 million shares priced at up […]
Boracay News Syndicated Daily 
CEBU-BASED fuel retailer Top Line Business Development Corp. (Topline) has secured the approval of the Philippine Stock Exchange (PSE) for its planned initial public offering (IPO) worth up to P3.16 billion.
Top Line’s maiden offering will consist of 3.68 billion primary shares and an overallotment option of up to 368.31 million shares priced at up to 78 centavos apiece, the PSE said in an e-mailed statement on Thursday.
Based on a prospectus dated Oct. 31, the offer period will be from Nov. 27 to Dec. 3, while the tentative listing date is on Dec. 12. The final price will be determined on Nov. 18.
Top Line will be listed on the PSE’s main board and will be traded via the ticker symbol “TOP.”
At the maximum offer price of 78 centavos, Top Line aims to generate P2.75 billion in net proceeds. The company will not receive any proceeds from the overallotment option.
The company will use the proceeds to build fuel depots in Mactan, Cebu, and in Bohol that will have a combined storage capacity of 30 million liters.
A portion of the proceeds will also be allocated for the acquisition of fuel tankers and tank trucks, as well as the construction of ten Light Fuels service stations.
Investment & Capital Corp. of the Philippines and PNB Capital and Investment Corp. were appointed as the joint lead underwriters and joint bookrunners for the offer.
“Doing an IPO is a big step for companies aiming for growth and expansion. We are pleased that the equities market can support Top Line’s business strategy by providing access to capital it needs to accelerate its development, which is crucial in solidifying its position in the industry,” PSE President and Chief Executive Officer Ramon S. Monzon said.
Top Line started commercial fuel trading operations in 2017, mainly in Central Visayas. The company operates a retail distribution network via fuel station chain Light Fuels.
The company is slated to be the fourth IPO this year, joining gold and copper mining company OceanaGold (Philippines), Inc., and renewable energy companies Citicore Renewable Energy Corp. and NexGen Energy Corp. — Revin Mikhael D. Ochave
