Cebu-based fuel retailer Top Line Business Development Corp. is gearing up for its public debut with an initial public offering (IPO) aimed at raising up to P2.75 billion to fund its ambitious expansion in the thriving Central Visayas economy. The IPO, which will offer up to 3.68 billion primary common shares at a price of up to P0.78 per share, is expected to list on the Philippine Stock Exchange (PSE) on 12 December this year, under the ticker symbol “TOP.”
The move comes as the region, which includes Cebu, Bohol, Negros Oriental, and Siquijor, continues to outpace national economic growth. According to a recent independent study by the University of Asia and the Pacific (UA&P), commissioned by Top Line, Central Visayas GDP grew by 7.46 percent in 2023, surpassing the national growth rate of 5.5 percent. With its economy now contributing 6.45 percent of the national GDP, Central Visayas has become the largest regional economy outside Luzon.
As the region’s economic activity intensifies, so too does the demand for fuel. Top Line, which operates through its Light Fuels brand, is capitalizing on a surge in fuel consumption, particularly in Cebu. The UA&P study highlights a notable 9.02 percent growth in fuel demand in the province, with diesel consumption rising by 8.75 percent to 542.7 million liters in 2022. For Top Line, this growth is reflected in a 59 percent increase in its own diesel sales, from 35.4 million liters in 2022 to 56.2 million liters in 2023.
“Our rapid growth in fuel sales is a direct reflection of the increasing demand in Central Visayas and the effectiveness of our cost-focused strategies,” said Erik Lim, chairman, president, and CEO of Top Line. “The funds raised through this IPO will help us expand our operations and pursue our vertical integration strategy, enhancing our market position across the region.”
In addition to the IPO, Top Line is enhancing customer engagement with the launch of the Light Rewards App, a mobile-based loyalty program that incentivizes customers for purchases at Light Fuels stations and affiliated retail businesses. The app aims to increase customer retention by offering rewards, including discounts, free products, and special offers.
“The Light Rewards App is a key part of our strategy to drive customer loyalty and strengthen our brand,” Lim added. “By adding value to each customer interaction, we are building a stronger foundation for sustained growth.”
The IPO, which is the fourth of the year and the first from Metro Cebu in nearly seven years, underscores the growing investment potential in Central Visayas. With strong economic fundamentals, a robust fuel market, and a forward-looking strategy, Top Line’s public listing represents a significant milestone for the company as it sets its sights on the next phase of growth.
“With the continued expansion of our fuel sales, the launch of new customer loyalty initiatives, and the support of a strong regional economy, we are confident that our IPO will position Top Line for long-term success,” Lim said.
