The offering consists of 2.15 billion primary shares and an over-allotment option of 214.84 million secondary shares, priced at up to P0.38 per share.
Breakdown
• Total IPO value: P898 million
• Primary shares (newly issued): P816 million from 2.15 billion shares
• Secondary shares (over-allotment option): P82 million from 214.84 million shares
• Offer price: Up to P0.38 per share
• Post-IPO shares outstanding: 10.74 billion shares
• Market float after IPO: 20 percent
The company plans to list on the PSE Main Board under the ticker symbol “TOP.”
The IPO price will be finalized through a book-building process, with Investment & Capital Corporation of the Philippines and PNB Capital acting as joint lead underwriters.
IPO to launch late March
Top Line has set its IPO timetable, with the book-building period running from Feb. 27 to March 14, 2025, followed by price setting on March 17, 2025.
The offer period will run from March 24- 31, 2025, with listing on the PSE scheduled for April 8, 2025.
Proceeds
Top Line plans to use P764.2 million in IPO proceeds primarily for service station expansion (P300 million), a new fuel tanker (P180 million), and working capital (P270 million), with the remaining P14.2 million allocated for corporate expenses.
The company aims to build 20 new Light Fuels service stations by 2026, acquire a 5-million-liter fuel tanker, and enhance fuel supply flexibility by sourcing from multiple suppliers.
