This is poised to be the fourth IPO in 2024 after Oceanagold Philippines, Citicore Renewable Energy and NexGen Energy Corp.
Top Line, led by president and CEO Eugene Erik C. Lapasaran Lim, will offer 3.68 billion shares to the public at a maximum price of P0.78 each, raising about P2.87 billion to bankroll expansion plans.
An additional 368.31 million shares, owned by selling shareholders, are included in the overallotment option.
Proceeds from the primary portion of the offer will help fund fuel depots, service stations, fuel tankers, and general corporate purposes.
The IPO will run from Nov. 6 to 12, with a planned Philippine Stock Exchange listing on Nov. 22.
Investment & Capital Corporation of the Philippines and PNB Capital are joint underwriters.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
