Top Line moves IPO to Q1 2025

MANILA, Philippines — The final public listing of the year will not be pushing through as Top Line Business Development Corp. has decided to move its initial public offering (IPO) to early next year.

Top Line yesterday informed the Philippine Stock Exchange (PSE) and the Securities and Exchange Commission (SEC) of its decision to adjust the original date of its offer period from the fourth quarter of 2024 to the first quarter of 2025.

The Cebu-based company said it has received requests from potential institutional investors to adjust its offer timetable to accommodate their due diligence review and approval process.

“As a result, the company has been discussing these requests with its underwriters to understand the implications and the best way forward,” Top Line said.

Top Line’s offer period was supposed to run from November 27 to December 3, 2024, with its target listing date on December 12, 2024.

Its IPO is supposed to be the fourth and last IPO for the year.

“This adjustment will also provide Top Line the opportunity to reach out to a wider investor base and share new updates on its operations and performance,” the company said.

“At this juncture, the company would like to extend its gratitude and appreciation to the working teams at the SEC and PSE for their continued support, guidance and patience. We look forward to continuing to work with your respective teams to bring this IPO to fruition,” it said.

For its planned IPO, Top Line intended to offer to the public up to 3.68 billion primary common shares with an overallotment option of up to 368.31 million secondary common shares.

It was expected to raise up to P2.75 billion in net proceeds from the sale of primary offer shares at an indicative offer price of up to P0.78 per share, subject to a book building process.

In a media briefing last week, Top Line president and CEO Erik Lim said the company was ready to brave the market and push through with its IPO this year amid prevailing market conditions.

“For us, even though market conditions, we’re still okay in pushing through with the listing,” he said.