Cebu-based fuel retailer Top Line Business Development Corp. set at P0.31 per share the final offer price for its planned initial public offering next month.
Top Line, based on this price, will raise P732 million in proceeds from the sale of 2.148 billion primary shares and another 214.88 million secondary shares to cover over-allotment.
“The final offer period takes into account current market conditions while still ensuring that Top Line can pursue its strategic initiatives,” the company said.
“We are very pleased with the strong coverage of our books at this offer price and believe it presents significant upside potential for prospective investors,” it said.
The offer period will be from March 24 to 28, 2025.
The shares will be listed on the main board of the Philippine Stock Exchange, with a ticker symbol “TOP” on April 8, 2024.
Top Line will become the first company to list on the local bourse this year.
It intends to use a portion of the net proceeds for the construction of 20 service stations under the Light Fuels brand which are expected to be operational in 2025 and 2026.
It has four Light Fuels operational stations, while six others are in various stages of construction and development.
Top Line also plans to acquire a fuel tanker with a capacity of 5 million liters to enhance its fuel storage capabilities and ensure a reliable supply chain.
A portion of the net proceeds will also be allotted for working capital requirements for the fuel stock sourced from local and foreign suppliers.
The rest of the proceeds will be used for general corporate purposes.
The company initially planned to conduct its initial public offering in 2024, but it rescheduled the fund raising this year due to market volatility.
It also reduced the size of its offering with the lower price.