TopLine IPO Rescheduled to Q1 2025

Cebu-based Top Line Business Development Corp. (TopLine) announced on Monday that it has postponed its initial public offering (IPO) to the first quarter of 2025. The decision was made to provide institutional investors additional time for internal approvals and due diligence.

Initially slated for November 27 to December 3, 2024, the offering was adjusted following feedback from potential investors, according to TopLine President and CEO Eugene Erik Lim.

“This strategic move provides them with the necessary time for their thorough internal review and approval process,” Lim explained in a statement.

Market Optimism

Despite challenging market conditions, Lim remains optimistic about the IPO, highlighting growth opportunities in the Visayas region. The company will also use the adjusted schedule to update its prospectus with its third-quarter 2024 financial performance, showcasing continued growth.

TopLine had planned to complete its bookbuilding period on November 15, with pricing originally scheduled for November 18.

“We are happy with the reception from our engagement with qualified institutional buyers, reflecting the strong fundamentals and positive prospects for the fuel industry,” Lim said.

IPO Details

TopLine has regulatory approval to offer 3.68 billion common shares at a maximum price of ₱0.78 per share, aiming to raise ₱2.75 billion. Proceeds will be allocated as follows:

• 36% for depot construction
• 11% for new fuel tankers
• 6% for new tank trucks
• 2% for retail fuel stations
• 34% for working capital reinforcement
• 11% for general corporate purposes

Financial Performance

In the first half of 2024, TopLine recorded a ₱60.55-million net income, up from ₱20.79 million the previous year. Sales rose to ₱1.43 billion, compared to ₱1.26 billion during the same period, though cost of sales matched this increase.

Beyond Fuel

Through its affiliates, TopLine is active in various sectors, including:

• Port operations and management: Pier Eighty-Eight Ventures Inc.
• Real estate development: Topline Properties and Development Corp.
• Clean energy: Topline Energy and Power Development Corp.
• Marine operations: Topline Marine Wharf Development Corp.
• Technology R&D: Topline Hi Tech and Synergy Corp.
• Food and manpower services: Topline Services and Development Corp.

The rescheduled IPO reflects the company’s strategy to align with investor readiness while reinforcing its growth trajectory.