Bourse operator Philippine Stock Exchange Inc. (PSE) has given the go signal for Top Line Business Development Corp. (Topline) to proceed with its initial public offering (IPO) tentatively slated for 27 November to 3 December 2024.

The Cebu-based fuel retailer will offer up to 3.68 billion primary shares, with up to 368.31 million over-allotment option shares.

The IPO shares are priced at up to P0.78 apiece. The final offer price will be determined on 18 November 2024 after the completion of its book-building exercise.

“Doing an IPO is a big step for companies aiming for growth and expansion. We are pleased that the equities market can support Topline’s business strategy by providing access to capital it needs to accelerate its development, which is crucial in solidifying its position in the industry,” PSE president and CEO Ramon S. Monzon said.

P3.16B targeted

At its maximum offer price, the company aims to raise as much as P3.16 billion.

Topline plans to build fuel depots in Mactan, Cebu and in Bohol that will have combined storage capacity of 30 million liters, purchase fuel tankers and tank trucks, and construct additional ten light fuels service stations using the proceeds to be generated from the maiden offering.

The tentative listing date for the shares of Topline is on December 12, 2024. The company will be listed on the Main Board of the Exchange and will be traded using the ticker symbol TOP.