Shares of Cebu-based Top Line Business Development Corp. (TOP) closed lower on their debut day at the Philippine Stock Exchange (PSE), shedding 3 percent to end at P0.30 per share, just below the initial public offering (IPO) price of P0.31. The company, which listed 2.14 billion primary common shares along with an additional 214.84 million secondary shares, raised a total of P732.6 million.
Despite a weak start, with shares dipping as low as P0.28, Top Line’s performance comes with broader significance for the company. It is the first IPO of the year and the first Cebu-based firm to go public in nearly a decade. While the stock’s initial performance was subdued, PSE president Ramon Monzon said that the listing represents more than just market performance—it signifies Top Line’s commitment to good governance and transparency.
Top Line CEO, Eugene Eric Laparasan Lim, said the company had long planned for an IPO, even before the pandemic, and leveraged the PSE’s LEAP program to prepare. He expressed gratitude for the oversubscription, acknowledging the support from both institutional and retail investors despite global market challenges.
The net proceeds will be used to fund Top Line’s expansion plans, including building 20 more Light Fuels service stations in Cebu, further establishing its market presence. The IPO’s success positions Top Line for long-term growth, with ambitions to enhance its supply chains and become more efficient in the fuel industry.
The IPO is viewed as a significant step for both the company and the Cebu business landscape, marking the beginning of a new chapter for Top Line’s commercial future.
