Top Line Business Development Corp. has reallocated its initial public offering (IPO) proceeds, redirecting a large portion toward expanding its service station network, in a move the Cebu-based company says is aimed at optimizing capital deployment and accelerating market entry.
In a disclosure following a special board meeting, Top Line announced it will now channel ₱400 million, up from the originally planned ₱300 million, into broadening its service station footprint. The company also increased its allocation for working capital to ₱214.6 million and retained ₱10 million for general corporate purposes.
The company cited operational flexibility and faster scalability as motivation behind the strategic shift, replacing earlier plans that included a ₱180 million fuel tanker acquisition. “Access to additional depot capacity within an existing Mandaue terminal has reduced the urgency for tanker investment,” the firm said, adding that the freed-up funds will support “more agile, strategic initiatives” instead.
Top Line said the revised allocations align with its long-term growth goals and reflect prudent financial management. All IPO proceeds are expected to be fully deployed by end-2026.
This financial repositioning comes amid strong performance: 1Q net income surged 38 percent to ₱37.85 million, while revenues climbed 36 percent to ₱1 billion. “These results, along with our dividend declaration, affirm our resilience and commitment to sustainable, value-driven growth,” said Eugene Erik Lim, chairman, president, and CEO.
