Topline bares intent to go public

CEBU, Philippines — Cebu-based Top Line Business Development Corp. (Topline) has announced its intention to go public, following its submission of a registration statement and listing application with the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange, Inc. (PSE).

The company’s plan to enter IPO (Initial Public Offering) is subject to regulatory approval.

Topline will offer up to 3,683,100,000 primary common shares to the public, with an overallotment option of up to 368,310,000 secondary common shares. The indicative offer price is up to P0.78 per share subject to a book building process.

The tentative offer period will be from 9:00 a.m. on October 28, 2024 to 5:00 p.m. on November 5, 2024.

“With our accelerating growth in recent years in the fuel sector of the Visayas region, we are poised for the company’s historic milestone of listing on the PSE,” said Erik Lim, Topline’s Chairman, President and Chief Executive Officer (CEO).

Topline’s first-half gross revenues in 2024 accelerated by 15 percent at P1.56 billion compared to the same period last year at P1.36 billion.

Its first-half net income has also surged by 190 percent year-on-year at P60.6 million from PhP20.8 million.

“Earnings from our commercial fuel trading boosted our sales in the first half with robust fuel demand in Metro Cebu and Cebu Province,” Lim added.

Topline’s commercial fuel trading operations caters to customers with requirements of at least 4,000 liters per order in transportation, construction, shipping, and mining, among others.

In terms of retail fuel under the Light Fuels brand, two new Light Fuels service stations are expected to open this month, which will bring the Company’s total operating retail fuel stations to three.

“We are still set to meet our target of 10 operating service stations this year. Our expansion in the retail fuel market will further support our vertical integration plans, supporting Topline’s continued growth,” explained Lim.

The company is currently constructing five more Light Fuels service stations and two Light Fuels Express stations in Metro Cebu and Cebu Province.

The Light Fuels Express stations are meant to meet the needs of motorcycle riders and other lighter vehicles which are growing rapidly in terms of vehicle type usage in Metro Cebu.

Topline is active in commercial fuel trading, depot operations, and retail fuel distribution in the Visayas region. It has two subsidiaries: Top Line Logistics and Development Corp. envisioned to engage in the importation, trading, distribution, and marketing of petroleum-based products and Light Fuels Corporation engaged in the fuel retail sector.