Top Line Business Development Corp. (“Top Line” or the “Company”) has successfully debuted on the Philippine Stock Exchange (PSE) through its initial public offering (IPO) of 2,148,440,000 primary common shares with an overallotment option of up to 214,844,000 secondary shares at a price of ₱0.31 per share. Receiving strong market interest from both local and foreign institutional investors as well as retail investors, the Company’s IPO is oversubscribed which raised up to ₱732.6 million.
Trading under the ticker symbol ‘TOP,’ the Company listed its shares on the Main Board of the PSE with a public float of 22% and began trading today. Top Line is the first IPO of the year and the first Cebu-based company to complete an IPO in almost a decade. The ceremonial ringing of the bell represents not only a milestone for Top Line but also for the Cebu business community.
In his welcome remarks, PSE President and CEO Ramon S. Monzon said: “Today marks the culmination of years of TOP’s planning, learning, and focusing as we witness the realization of the Company of its dream to be a listed company. TOP will be the sixth company which is either Cebu based and/or has operations mainly in Cebu to have listed in the Exchange.
“Since listing dates are milestones, it is understandable that there are investors who put a lot of importance on their stock’s performance on its stock market debut. But as I said many times, an IPO is not the be-all or end-all of a company’s existence. It is just the beginning. Being listed gives a company a seal of good housekeeping in terms of good governance, regulatory compliance, and implicit transparency of management.”
Mr. Erik Lapasaran Lim, Top Line’s Chairman, President and CEO, said: “We actually prepared for the IPO before the pandemic. Interestingly enough, it was even part of our vision statement – ‘To be a publicly listed company’ – but the problem was, we did not know how. At the same time, the PSE has this program called LEAP (Listing Engagement and Assistance Program) that helps companies prepare for a possible listing, and so we also joined.”
Recognizing the current market conditions, Mr. Lim also added: “While we acknowledge broader market challenges affecting investor sentiment both locally and globally, we are glad for our IPO’s oversubscription, receiving overwhelming support from our institutional and retail investors.
“Rest assured, that Top Line is committed to maximizing our investors’ shareholder value. And at the same time to give more fresh ideas to the industry, to innovate and incorporate more technologies to our supply chains and expansion network, and to make it even more efficient and future-ready.”
With Top Line’s listing, Mr. Lim hopes that “it could be a catalyst and can pave the way for other companies outside Metro Manila to list in the PSE in the near future.”
The net proceeds from the IPO will fund Top Line’s vertical integration, importation, and expansion plans sought to provide flexibility and reliability in its fuel supply as it penetrates the retail market of Central Visayas.
Operating in the fast-growing Central Visayas region, Top Line has built a robust and integrated fuel distribution network. The Company’s expertise spans bulk procurement, storage, commercial sales, transportation, and logistics. Its operations include commercial fuel trade, which covers depot operations and industrial accounts, and an expanding retail segment under the Light Fuels and Light Fuels Express brands.
With its successful IPO, the current 10 Light Fuels service stations is set to expand to 30 through the construction of an additional 20 service stations, strengthening Top Line’s market presence in Cebu Province and reinforcing its commitment to growth. This expansion is expected to enhance and diversify Top Line’s revenue streams.
The Investment & Capital Corporation of the Philippines is the Company’s Issue Manager, Joint Lead Underwriter, and Joint Bookrunner for the IPO with PNB Capital and Investment Corporation as the Joint Lead Underwriter and Joint Bookrunner.
