SEC Okays Top Line Business Development IPO

​The Securities and Exchange Commission (SEC) has considered favorably the initial public offering (IPO) of Top Line Business Development Corp. for up to P2.87 billion.

​In its meeting on October 8, the Commission En Banc resolved to render effective the registration statement of Top Line covering 3,683,100,000 common shares, subject to the company’s compliance with certain remaining requirements.
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Top Line will offer up to 3,683,100,000 shares to the public with a maximum price of P0.78 apiece. The company will also offer 368,310,000 secondary common shares owned by selling shareholders as part of the overallotment option.

The company expects to net up to P2.75 billion from the sale of the primary offer shares, which will be used for the construction of fuel depots and service stations, acquisition of fuel tankers and tank trucks, working capital, as well as for general corporate purposes.

Top Line will not receive proceeds from the exercise of the overallotment option.

The IPO will run from November 6 to 12, in time for listing on the Main Board of the Philippine Stock Exchange on November 22, based on the latest timeline submitted by Top Line to the SEC.
The company tapped Investment & Capital Corporation of the Philippines and PNB Capital and Investment Corporation as the joint lead underwriters and joint bookrunners for the transaction.

Top Line is a Cebu-based company that started commercial fuel trading operations in 2017, mainly in the Central Visayas region. It operates a retail distribution network through a chain of fuel stations, Light Fuels.