The Investment & Capital Corporation of the Philippines (ICCP) has hailed the successful initial public offering (IPO) of Cebu-based Top Line Business Development Corp., calling it a milestone for regional business growth and capital markets in the Philippines.
Top Line, a fuel distributor with a strong retail footprint in Central Visayas, raised P732.6 million in its 8April debut on the main board of the Philippine Stock Exchange. The proceeds will support the company’s expansion plans and bolster its retail operations.
ICCP senior managing director J. Mariano P. Ocampo underscored Top Line’s strategic focus and market readiness. “The company is well-positioned to capitalize on strong fuel demand, especially with the growth of the motorcycle market in Central Visayas,” he said. “Top Line’s direction and drive were critical to its compelling growth narrative.”
ICCP served as the sole issue manager, joint lead underwriter, and joint bookrunner for the offering, alongside PNB Capital and Investment Corp. as joint lead underwriter and joint bookrunner.
ICCP chairman Valentino S. Bagatsing described the IPO as more than a financial transaction. “It’s a bold statement of confidence in the entrepreneurial strength of the Visayas. Regional companies are stepping into the spotlight,” he noted.
Top Line CEO Eugene Erik Lapasaran-Lim expressed gratitude to investors and partners. “This IPO allows us to accelerate growth and create long-term value. Our success highlights the strength of regional businesses,” he said.
As the first IPO of 2025 and the first listing of a Cebu-based firm in nearly a decade, the transaction is viewed as a bellwether for heightened regional participation in Philippine capital markets.
