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Manila Bulletin devider Business devider The Stock Market devider Top Line postpones P3.16-billion IPO to first quarter 2025

Top Line postpones P3.16-billion IPO to first quarter 2025

Published Nov 18, 2024 08:09 am

Cebu-based fuel retailer Top Line Business Development Corporation has decided to move the offer period for its P3.16 billion initial public offering (IPO) to the first quarter of 2025 from the initial kick off targeted on Nov. 27.

In a statement, the firm said they decided to postpone the offering as potential institutional investors need more time to secure internal approvals to participate in the IPO.

“While we initially planned to proceed with our original offer period, we have received advice from potential investors to adjust our IPO timetable to accommodate their due diligence process. This strategic move provides them with the necessary time for their thorough internal review and approval process,” said Top Line Chairman, President, and CEO Erik Lim.

The company initially targeted an offer period of Nov. 27 to Dec. 3, 2024 with a listing on Dec. 12, 2024. The new IPO timetable of the company will be announced soon following regulatory processes.

Additionally, Top Line said it has gathered initial feedback from the market through qualified institutional buyers.

“We are happy with the reception from our engagement with qualified institutional buyers, reflecting the strong fundamentals and positive prospects for the fuel industry," said Lim.

“With the adjusted timetable, we will update our current Prospectus to include the company's year-to-date financial performance in the third quarter of 2024 which would demonstrate our consistent growth trajectory,” he added.

Top Line will offer to the public up to 3,683,100,000 primary common shares with an overallotment option of up to 368,310,000 secondary common shares. 

It is expected to raise up to P2.75 billion in net proceeds from the sale of primary offer shares at an indicative offer price of up to P0.78 per share, subject to a bookbuilding process.

On Oct. 31, 2024, the Philippine Stock Exchange announced the preliminary terms of Top Line’s IPO and its ticker symbol “TOP.” 

With the adjustment on its IPO to the first quarter of 2025 and subject to regulatory approvals, Top Line said it is still slated to be the first company from Metro Cebu after eight years to ring the trading bell again.

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Top Line Business Development Corp. (Topline) Erik Lim
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