The Philippine Stock Exchange approved the P3.2-billion initial public offering of Cebu-based fuel retailer Top Line Business Development Corp. (Topline).
Top Line said it would sell up to 3.68 billion primary shares, with 368.31 million over-allotment option shares from Nov. 27 to Dec. 3, 2024, based on the terms approved by the PSE.
The company intends to sell the shares at a maximum price of P0.78 apiece.
The final offer price will be determined on Nov. 18, 2024, after the completion of its book-building exercise.
“Doing an IPO is a big step for companies aiming for growth and expansion. We are pleased that the equities market can support Topline’s business strategy by providing access to capital it needs to accelerate its development, which is crucial in solidifying its position in the industry,” said PSE president and chief executive Ramon Monzon.
The company aims to raise up to P3.16 billion based on its maximum offer price.
Topline plans to use the proceeds from the maiden share offering to build fuel depots in Mactan, Cebu and Bohol that would have a combined storage capacity of 30 million liters, purchase fuel tankers and tank trucks and construct additional ten light fuels service stations.
The tentative listing date for the shares of Topline is on Dec. 12, 2024.
The company will be listed on the main board of the PSE and will be traded using the ticker symbol TOP.
Top Line will be the fourth company to list in the local bourse since the start of 2024. The others were OceanaGold Philippines Inc., renewable firm Citicore Renewable Energy Corp. and NexGen Energy Corp.
The PSE said it was expecting six companies to go public this year.
