Cebu’s TopLine Files for IPO, Targets November Listing

Cebu-based Top Line Business Development Corp. (TopLine) has filed for an initial public offering (IPO) aiming to raise approximately P2.872 billion. The company plans to list on the Philippine Stock Exchange (PSE) under the ticker symbol “TOP” by November 15, 2024.

TopLine intends to offer up to 3.683 billion primary common shares, with an overallotment option of up to 268.31 million secondary common shares. The shares are expected to be priced at up to P0.78 each, with a portion allocated to PSE trading participants and local small investors.

The proceeds from the IPO will be used primarily for the construction of fuel depots (P980 million), working capital (P937.5 million), and the acquisition of fuel tankers (P300 million) and tank trucks (P160 million). Additionally, funds will be allocated for the construction of service stations and general corporate purposes.

TopLine has seen significant growth, particularly in the fuel sector of the Visayas region, with plans to establish more service stations and fuel depots. The company’s net income in the first half of 2024 reached P60.553 million, marking a substantial increase from the previous year.