Cebu-based fuel retailer Top Line Business Development Corp. is pressing forward with its initial public offering (IPO), albeit with significant adjustments to its terms. The company will now offer 2.14 billion common shares, a 42 percent reduction from the original plan of 3.68 billion, at a revised price of up to ₱0.38 per share, down from ₱0.78. With an over allotment option of 214.84 million shares, Top Line aims to raise up to ₱894.83 million—substantially less than the ₱3.15 billion originally targeted.
Top Line chairman, president, and CEO, Erik Lim, explained that the adjustments reflect the company’s evolving capital needs while ensuring regulatory compliance. Despite the scaled-back offering, underwriters remain optimistic about the IPO’s potential, citing the company’s impressive compounded annual revenue growth of over 49 percent from 2021 to 2023—outpacing many companies in the Philippine Stock Exchange index.
Top Line’s IPO, initially postponed in November last year to Q1 2025, has now been pushed to Q2 2025, as institutional investors require more time to finalize approvals. However, both Investment and Capital Corp. of the Philippines and PNB Capital expressed confidence in the revised structure, positioning the transaction as a strong growth opportunity for investors.
Once listed under the ticker symbol TOP on the Philippine Stock Exchange, Top Line will be the first Metro Cebu company to go public in nearly a decade, marking a milestone for the region’s businesses. Lim highlighted the IPO as a sign of growth and opportunity for enterprises outside of Metro Manila.
