Top Line Business Development Corp. (Top Line), a regional fuel retailer based in Cebu, is all set with its stock market debut after securing approval from the Securities and Exchange Commission (SEC). 

The company plans to capitalize on this opportunity by expanding its infrastructure and strengthening its market presence through the construction of new fuel depots, and service stations, and the acquisition of additional fuel tankers. 

The initial public offering (IPO), the first from Cebu since 2017, will be the fourth of the year, following offerings by OceanaGold Philippines, Citicore Renewable Energy Corp., and NexGen Energy Corp.

The SEC confirmed that its Commission En Banc had approved Top Line’s registration statement—paving the way for the company to offer up to 3.68 billion shares to the public at a maximum price of P0.78 per share. 

Additionally, 368.31 million secondary common shares will be offered as an over-allotment option, although Top Line will not receive proceeds from this exercise.

Top Line expects to raise P2.75 billion from the primary share sale, which will be directed toward building fuel depots, opening new service stations, acquiring tankers and trucks, and bolstering its working capital. 

The company has enlisted Investment & Capital Corp. of the Philippines and PNB Capital and Investment Corp. as joint lead underwriters and bookrunners.

The offering is scheduled to run from 6 to 12 November, with listing on the Philippine Stock Exchange's Main Board slated for 22 November. 

Top Line's commercial fuel trading business primarily serves industries such as transportation, construction, shipping, and mining, with orders starting at 4,000 liters.