After a successful IPO and continued expansion, listed fuel distributor Top Line Business Development Corp. (TOP) is raising up to ₱1.5 billion through a follow-on offering of perpetual preferred shares to accelerate its vertical integration strategy and strengthen its supply chain capabilities.
In a filing with the Securities and Exchange Commission, the company said it plans to offer up to ₱1 billion worth of firm shares, equivalent to 10 million perpetual preferred shares, with an oversubscription option of up to ₱500 million or an additional 5 million shares. The indicative price is set at up to ₱100 per share, subject to a book-building process and regulatory approvals.
The offer is scheduled to run from May 19 to June 1, 2026, with a target listing date of June 11, 2026.
TOP Chairman, President and CEO Eugene Erik Lim said the issuance will reinforce the company’s capital base while delivering stable returns to investors through fixed dividends.
“This fundraising will support our vertical integration strategy by enhancing supply chain capabilities, expanding our retail network, and improving procurement flexibility,” Lim said.
Fueling integration and supply chain control
Proceeds will primarily fund TOP’s transition to direct fuel importation through its subsidiary, Topline Logistics and Development Corp. (TLDC), alongside the establishment of its trading operations in Singapore. These initiatives are expected to improve procurement efficiency, ensure supply stability, and enhance margin capture.
The company will also invest in expanding depot infrastructure and storage capacity to support higher import volumes—key to reducing reliance on third-party suppliers.
At the same time, TOP will scale up its retail footprint through its subsidiary, Light Fuels Corp., targeting deeper market penetration across the fast-growing Visayas region.
Strengthening long-term growth
“Through these initiatives, we aim to improve operational resilience, enhance margins, and deliver sustainable long-term value to our shareholders,” Lim added.
For the transaction, TOP has tapped PNB Capital and Investment Corporation as sole issue manager, alongside Security Bank Capital Investment Corporation as joint lead underwriter and bookrunner.
The dividend rate will be determined during the book-building process, with the first payout expected three months after issuance and quarterly distributions thereafter.