The offering covers over 2.1 billion primary shares and up to 214.8 million secondary shares via overallotment, priced at P0.31 per share, with listing scheduled on April 8 under the ticker “TOP.”
“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,” Erik Lim, Top Line’s chair, president and CEO, said in a statement on Monday.
“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,” he added.
Offer starts today
The offer period runs from March 24 to 31, following the Philippine Stock Exchange’s earlier notice of approval. Net proceeds of around P624.6 million will help fund 20 Light Fuels service stations, fuel tanker acquisitions, working capital, and general corporate needs.
The Investment & Capital Corp. of the Philippines is Top Line’s issue manager, joint lead underwriter, and joint bookrunner for the IPO with PNB Capital and Investment Corp. as the joint lead underwriter and joint bookrunner.
Strong leadership
“We believe in Top Line’s strong growth potential and its ability to deliver on its commitments,” said J. Mariano "Manny" Ocampo, senior managing director for ICCP.
“Throughout the IPO process, we have seen firsthand the company’s drive, passion, and strategic vision. With strong leadership at the helm, we are excited to see Top Line take this significant step toward its listing on the PSE,” he added.
Robust earnings potential
“With sustained gross profit margins over the years, Top Line is poised to thrive in the fuel industry, which remains an essential commodity for the foreseeable future,” said Gerry B. Valenciano, president and CEO of PNB Capital.
“Leveraging its homecourt advantage in Central Visayas, the company is well-positioned to capitalize on rising fuel demand, particularly from its motorcycle niche market,” he added.
