Top Line secures SEC nod for IPO

CEBU, Philippines — Cebu-based Top Line Business Development Corp. has secured final approval from the Securities and Exchange Commission (SEC) for its initial public offering (IPO), making it the first company in the Philippines to go public this year.

The approval, granted on March 21, 2025, allows the company to offer 2.15 billion primary common shares, with an option for an additional 214.84 million secondary shares, representing 22 percent of its total ownership.

The Philippine Stock Exchange (PSE) had earlier 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".

The IPO offer period will run from March 24 to 31, 2025, with the listing date set for April 8, 2025. The final offer price has been set at P0.31 per share, determined through a book-building process involving both international and local institutional investors.

Top Line’s Chairman, President, and CEO, Erik Lim, expressed optimism about the company’s listing.

“As the first company from Cebu to list in almost a decade, we are proud to achieve this milestone. This is a key step toward expanding our business through vertical integration, ensuring sustainable growth,” Lim said.

The IPO is expected to generate net proceeds of approximately P624.6 million, which will fund the company’s aggressive expansion plans. Of this amount, P300 million will be allocated for the construction of 20 service stations under its Light Fuels brand, while P180 million will go toward the acquisition of fuel tankers.

The remaining proceeds of P134.6 million will be used for working capital, with P10 million allocated for general corporate purposes.

The IPO is being managed by Investment & Capital Corporation of the Philippines (ICCP), which serves as the Issue Manager, Joint Lead Underwriter, and Joint Bookrunner, along with PNB Capital and Investment Corporation as the Joint Lead Underwriter and Joint Bookrunner.

J. Mariano Ocampo, Senior Managing Director of ICCP, expressed confidence in Top Line’s potential.

“We believe in Top Line’s strong growth trajectory and its ability to meet its goals. Throughout the IPO process, we’ve witnessed the company’s commitment and strategic vision. We’re excited to see Top Line take this important step toward listing on the PSE,” Ocampo said

According to Gerry B. Valenciano, President and CEO of PNB Capital and Investment Corporation, Top Line is well positioned to thrive in the duel sector, saying “the company’s strength lies in its homecourt advantage in Central Visayas and its ability to capitalize on the growing demand for fuel, particularly in its motorcycle niche market.”

Top Line remains committed to its growth strategy, focusing on integration, importation, and expansion to sustain its strong profit margins.

Lim emphasized that the company is maintaining its initial allocation plans to construct new service stations and acquire additional fuel tankers to meet increasing demand.

Top Line’s successful IPO is expected to bolster its position in the fuel industry, paving the way for long-term growth and stronger market presence.