Ramon Monzon, president and CEO of the Philippine Stock Exchange, told InsiderPH Cebu-based Topline Group could raise as much as P3.2 billion through a public listing in the fourth quarter of the year.
Monzon said this figure includes an overallotment option, suggesting the company is valued at about P10 billion.
Family-run business
Executives of Topline, a diversified family-run group that is gaining prominence in Cebu and the Visayas region, did not immediately respond to a request for comment.
During a media briefing with reporters last month, company chair, president, and CEO Eugene Erik Lim said they hoped to list by 2028 or sooner.
He runs Topline alongside his siblings Constance Marie Lim, who is chief financial officer, and Brigitte Carmel Lim, the chief operating officer.
Success in fuel trading
The flagship energy company, Top Line Business Development Corp., was established in 2013.
The company is engaged in commercial trade supplying fuel to large construction, mining, and transport companies. It also operates a unit in logistics and is aggressively expanding into the retail gas business via Light Fuels.
During the briefing, the company reported a 33 percent increase in gross revenues to P2.8 billion in 2023. Revenue growth continued during the first quarter of the year with a 9 percent increase.
Retail stations for motorbikes
The company plans to grow its Light Fuels brand by establishing seven new service stations and two Express stations across Cebu Province and Metro Cebu.
“The latter will cater to the large segment of motorcycle riders and lighter vehicles,” the company said.
Two new stations are expected to open this month as the company aims to have 10 operational stations by the end of the year.
Apart from energy, the group is involved in port operations, property development, clean energy, sea ferry operations, and restaurants.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
