Top Line would have been the fourth and final IPO for the year after OceanaGold Philippines, Citicore Renewable Energy Corp., and NexGen Energy Corp.
The company has “received requests from potential institutional investors to adjust our timetable to accommodate their due diligence review and approval process", Top Line said in a letter to the stock exchange on Monday.
“As a result, the company has been discussing these requests with its underwriters to understand the implications and the best way forward,” it added.
As recently as last Friday, Top Line executives led by chair president and CEO Eugene Erik Lim signaled they were bent on pushing forward with the offer despite difficult market conditions.
“This adjustment will also provide TOP the opportunity to reach out to a wider investor base and share new updates on its operations and performance,” the company said.
“At this juncture, the company would like to extend its gratitude and appreciation to the working teams at the [Securities and Exchange Commission] and [Philippine Stock Exchange] for their continued support, guidance and patience. We look forward to continuing to work with your respective teams to bring this IPO to fruition,” it added.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
