Cebu-based Top Line Business Development Corp. said Monday it has decided to delay its initial public offering to the first quarter of 2025. The IPO was set to start this month.
Top Line said it was postponing its maiden public offer of shares to give potential institutional investors additional time to secure internal approvals for participation.
“While we originally planned to proceed with the offer period this year, feedback from institutional investors has prompted us to adjust our timeline to accommodate their due diligence process,” said Erik Lim, chairman, president, and chief executive officer of Top Line, whose main business is fuel retailing.
Top Line had initially scheduled the offer period from 27 November to 3 December, with a listing set for 12 December. An updated timetable will be announced after regulatory processes are completed.
Top Line has already received positive feedback from qualified institutional buyers, reflecting strong market interest and positive prospects for the fuel industry. The company also plans to update its prospectus to include financial performance data for the third quarter of 2024, showcasing continued growth.
Top Line’s IPO aims to raise up to P2.75 billion by offering up to 3.68 billion primary common shares. If the shares offer proceeds, the company will be the first from Metro Cebu to list on the Philippine Stock Exchange in eight years.
