The Cebu-based fuel trader is looking to tap investors as it scales up depot capacity and trading operations.
Flexible shelf, first tranche lined up
The approval covers a shelf registration of up to 150 million preferred shares, giving the company flexibility to raise funds in stages.
For the first tranche, Top Line plans to offer up to 10 million shares at P100 each, with an oversubscription option of another 5 million shares, bringing potential proceeds to about P1.47 billion, the SEC said in a statement on Wednesday.
The shares are structured as perpetual, cumulative, and non-voting, targeting income-focused investors.
Timing the market
The offer period is set from May 19 to June 1, with a planned listing on June 11 on the Philippine Stock Exchange main board.
Proceeds will fund working capital and depot construction and upgrades, signaling a push to strengthen logistics and capture more volume in the fuel trading space.
PNB Capital and Investment Corp. is leading the deal alongside Security Bank Capital and Investment Corp. as joint underwriters.
—Edited by Miguel R. Camus
