PSE OKs Top Line’s P3.2-B IPO, 4th listing of 2024

Eugene Erik C. Lapasaran Lim
Top Line chair, president and CEO 

The Philippine Stock Exchange has approved its fourth listing for 2024, giving the green light to energy trading and retail firm Top Line Business Development Corp.’s initial public offering in December.

In a stock exchange notice on Thursday, the PSE approved the company’s listing on its main board.

Top Line, an emerging energy player based in Cebu, is led by chair, president, and CEO Eugene Erik C. Lapasaran Lim.

It plans to raise about P3.2 billion through the sale of four billion shares at up to P0.78 each. The offer comprises 3.68 billion primary shares and 368.3 million secondary shares.

Funds will support fuel depots, service stations, fuel tankers, and general operations.

Top Line Business Development Corp. plans to set the IPO price on Nov. 18, with the offer period scheduled from Nov. 27 through Dec. 3. It plans to debut on the PSE under the trading symbol “TOP” on Dec. 12, 2024.

Investment & Capital Corp. of the Philippines (ICCP) was hired as issue manager while ICCP and PNB Capital and Investment Corp. will act as joint lead underwriters and joint bookrunners. 

There were so far three IPOs in 2024: OceanaGold Philippines, raising P6 billion; tycoon Edgar Saavedra’s Citicore Renewable Energy, raising P5.3 billion; and NexGen Energy Corp., raising P504 million.

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