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Manila Bulletin devider Business devider The Stock Market devider Top Line slashes IPO size by 70%, aims for second quarter 2025 listing

Top Line slashes IPO size by 70%, aims for second quarter 2025 listing

Published Jan 22, 2025 06:16 am

Cebu-based fuel retailer Top Line Business Development Corporation is again eyeing an initial public offering (IPO) but has significantly reduced the offer size to P900 million from P3.16 billion.

In a statement, the firm said it optimized its total issued and outstanding common shares for its IPO to about 20 percent from the previous minimum of approximately 30 percent after discussions with potential institutional investors.

“We appreciate the interest shown by potential investors in supporting our expansion and growth. As such, we’ve adjusted our offer structure to reflect our adjusted capital requirements while maintaining regulatory compliance,” said Top Line Chairman, President, and CEO Erik Lim.

The company will now offer up to 2.15 billion primary common shares with an overallotment option of up to 214.84 million secondary shares. Assuming the full exercise of the overallotment option, the public will own approximately 22 percent of the shares.

Given the adjustment, Top Line has also revised the indicative offer price to a maximum of P0.38 per share from P0.78, subject to a bookbuilding process.

At the new offer price of up to P0.38 per share, Top Line’s total offering, which includes both firm and overallotment option shares, will amount to around P900 million.

Last year, the firm planned to offer up to 3.68 billion primary common shares with an overallotment option of up to 368.31 million secondary common shares.

Top Line said its underwriters expressed confidence in the offering’s structure, believing the revised offer will position the firm for strong momentum in the public markets.

“We believe that the revised offer structure makes this IPO an attractive investment opportunity for investors seeking strong value and growth, given the company’s compounded annual revenue growth rate of more than 49 percent from 2021 to 2023—outpacing the growth of constituent companies of the Philippine Stock Exchange index,” said Investment & Capital Corporation of the Philippines, the Issue Manager, Joint Lead Underwriter, and Joint Bookrunner.

PNB Capital and Investment Corporation, the company’s Joint Lead Underwriter and Joint Bookrunner, said, “Top Line's ability to attract interest from institutional investors speaks to their confidence in the company’s fundamentals and its promising trajectory. We believe Top Line could be a growth catalyst for the capital markets in 2025.”

Top Line, with the ticker symbol “TOP,” targets a listing on the Philippine Stock Exchange by the second quarter of 2025, subject to regulatory approvals.

“We are excited to be the maiden IPO this year and the first company from Metro Cebu to go public in almost a decade. This milestone is not just for our company but also serves as an inspiration for other businesses outside Metro Manila to take the leap, embrace growth, and confidently enter the market to be on TOP,” Lim added.

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