Top Line Business Development Corp. started the offer period for its planned P733-million initial public offering despite the volatile market.
Top Line said it received permit to sell securities from the Securities and Exchange Commission for the planned offering of 2.148 billion primary common shares, with an overallotment option for another 214,844 million secondary shares at P0.31 apiece.
The offer shares represent 22-percent ownership interest in the company.
“As the first company from Cebu to list in almost a decade despite Top Line being founded a little over a decade ago, we are glad to reach this significant milestone. We thank the SEC and PSE for supporting us in our IPO journey. Our listing is a key step to our continued expansion as part of our vertical integration strategy to sustain our rapid capital appreciation,” Top Line chairman, president and chief executive Erik Lim said.
The offer period will run from March 24 to 31, 2025. Top Line’s listing on the PSE under the trading symbol “TOP” will be on April 8, 2025.