The Securities and Exchange Commission (SEC) has approved the proposed Top Line initial public offering (IPO) raising up to P2.87 billion from the market.
The SEC confirmed the registration of Top Line’s sale of 3.68 billion common shares priced at P0.78 each. Additionally, the company will offer 368.31 million secondary shares as part of an over-allotment option. From the primary shares, Top Line anticipates net proceeds of approximately P2.75 billion, earmarked for various expansion initiatives, including the construction of fuel depots and service stations, the acquisition of fuel tankers and trucks, and general corporate purposes. Top Line will not benefit from proceeds generated through the over-allotment.
The IPO is scheduled to run from 6 to 12 November, with shares to be listed on the main board of the Philippine Stock Exchange (PSE) on 22 November. Top Line has appointed Investment and Capital Corporation of the Philippines and PNB Capital and Investment Corporation as joint lead underwriters and bookrunners of the offering.
Founded in 2017 in Central Visayas, Top Line operates a network of retail distribution under the brand Light Fuels. Top Line chairman, president, and CEO, expressed optimism of the company’s growth trajectory. “With our accelerating growth in recent years in the fuel sector of the Visayas region, we are poised for the company’s historic milestone of listing on the PSE,” he said.
Top Line reported first half net income nearly tripling to P60.6 million from P20.8 million from a year earlier. Gross revenue in the first half was up 15 percent reaching P1.56 billion compared to only P1.36 billion in 2023.
“The growth in our earnings is largely attributed to robust fuel demand in Metro Cebu and Cebu Province, particularly in our commercial fuel trading operations, which cater to industries including transportation, construction, shipping, and mining,” Lim said.
In addition to its commercial operations, Top Line recently expanded its retail presence, opening two new Light Fuels service stations, bringing the total to three. Lim reaffirmed the company’s commitment to growth, saying, “We are still set to meet our target of 10 operating service stations this year, further supporting our vertical integration plans.”
