Cebu-based Top Line Business Development Corp. is in advanced discussions with a strategic investor ahead of its upcoming initial public offering (IPO) and listing on the Philippine Stock Exchange (PSE) in early April. The company aims to raise some ₱764 million from the sale of up to 2.14 billion primary shares, priced at an indicative ₱0.38 per share.
Top Line chairman, president, and CEO, Erik Lim, confirmed that talks with the investor are progressing well. He clarified that the investor’s stake is not enough to secure a board seat. The funds raised will be used to advance the company’s vertical integration plans, including expanded depot space, enhanced importation, and new service stations under its Light Fuels brand.
The IPO comes at a time when Top Line reports strong financial performance, with a 53 percent increase in net income in recent years. The company is also expanding its network of fuel stations, targeting 30 operational stations by 2026, including 20 new ones funded by IPO proceeds. Additionally, Top Line plans to acquire a fuel tanker and allocate funds for working capital to support its operations.
The strategic move to expand within the high-growth Central Visayas region positions Top Line for long-term growth, potentially boosting investor confidence as it prepares to go public. The company’s focus on technology-enabled services, such as RFID payment lanes at Light Fuels stations, signals its commitment to enhancing customer experience, making it a compelling play in the fuel sector.
Investors and market watchers will be closely watching the success of the IPO, particularly as Top Line seeks to strengthen its market position and deliver value to its shareholders.
