Top Line gets final regulatory approval for P625 million offering

First IPO for 2025

MANILA, Philippines — Top Line Business Development Corp. has obtained final regulatory approval for its maiden share sale, paving the way for the country’s first initial public offering (IPO) this year.

Top Line said the Securities and Exchange Commission (SEC) approved the company’s registration of common shares last March 21, granting an order of registration and a permit to sell.

The approval allows the company to offer 2.15 billion primary common shares, with an overallotment option of up to 214.84 million secondary shares, representing a total 22 percent ownership interest, for public sale.

The shares are being offered at P0.31 apiece.

The Philippine Stock Exchange (PSE) also issued a notice of approval last month, allowing the company’s common shares to be listed on the PSE Main Board.

“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 CEO Erik Lim said.

The company’s offer period commenced yesterday and will end on March 31. Top Line’s listing on the PSE under the trading symbol “TOP” is eyed on April 8.

The company expects to raise approximately P624.6 million, with P300 million allocated for the construction of 20 service stations and P180 million designated for the acquisition of fuel tankers.

“We are fully committed to our IPO strategy, which focuses on integration, importation and expansion to sustain our strong profit margins. This is why we are maintaining our allocation as initially mentioned for the construction of service stations and the acquisition of additional fuel tankers,” Lim said.