The Securities and Exchange Commission (SEC) approved the initial public offering (IPO) of Top Line Business Development Corp., allowing the company to raise up to P3.16 billion.
The SEC en banc, during its Oct. 8 meeting, endorsed the registration statement of Top Line’s 3.683 billion common shares, subject to its compliance with remaining requirements.
It plans sell up to 3,683 billion common shares to the public, plus 368.31 million secondary shares from selling shareholders as part of an overallotment option. The company intends to sell the shares at a maximum price of P0.78 apiece.
The company said it would use the net proceeds from the primary share sale to construct fuel depots and service stations, acquire fuel tankers and trucks and cover working capital and general corporate needs.
The maiden share offering is scheduled from Nov. 6 to 12, with shares expected to list on the Philippine Stock Exchange’s main board on Nov. 22.
Investment & Capital Corp. of the Philippines and PNB Capital and Investment Corp. are serving as joint lead underwriters and bookrunners for the offering.
Top Line, founded in 2017, is based in Cebu and primarily operates in commercial fuel trading throughout the Central Visayas region, running a retail network under the Light Fuels brand.
It is constructing five additional Light Fuels service stations and two Light Fuels Express stations in Metro Cebu and Cebu province. The Light Fuels Express stations are meant to meet the needs of motorcycle riders and other lighter vehicles which are growing rapidly in terms of vehicle type usage in Metro Cebu.
Top Line will be the fourth company to list in the local bourse since the start of the year. The others are OceanaGold Philippines Inc., Citicore Renewable Energy Corp. and NexGen Energy Corp.
