Cebu’s TopLine Gains SEC Approval for November IPO Launch

Top Line Business Development Corp. (TopLine) has received the green light from the Securities and Exchange Commission (SEC) for its initial public offering (IPO), targeting a P2.87 billion capital raise in November. The funds will support the company’s expansion in the fuel sector across the Visayas region.TopLine plans to offer 3.68 billion primary common shares at a maximum price of P0.78 per share, with an overallotment option of up to 368.31 million secondary shares. While the company won’t gain proceeds from the secondary shares, it expects to net up to P2.75 billion, which will be allocated for fuel depot construction, acquiring fuel tankers, and other corporate needs.

The IPO will be open for subscription from November 6 to November 12, with the shares set to list on the Philippine Stock Exchange on November 22. Investment & Capital Corporation of the Philippines and PNB Capital will act as joint lead underwriters for the offering.

TopLine reported a net income of P60.55 million for the first half of 2024, reflecting significant growth from the previous year’s P20.79 million. The company also outlined plans to expand its fuel business under Light Fuels Corp. (LFC) with new branches in the Visayas region.