Top Line Business Development Corp. made its public market debut on Tuesday, raising P732.6 million from an oversubscribed initial public offering (IPO) that will fuel its expansion across Central Visayas and boost its retail presence.

Under the ticker “TOP,” the Cebu-based fuel distributor listed 2.15 billion primary shares on the Philippine Stock Exchange (PSE) at P0.31 apiece, with an overallotment option of 214.84 million secondary shares.

The offer gives the company a 22 percent public float and marks the first IPO of the year and the first Cebu-based listing in nearly a decade.

Proceeds will fund the rollout of 20 new Light Fuels service stations — tripling the company's current footprint to 30 — and support vertical integration and fuel importation strategies to improve supply reliability in the region.

Odds defied

“While we acknowledge broader market challenges affecting investor sentiment both locally and globally, we are glad our IPO was oversubscribed and received overwhelming support from our institutional and retail investors,” Top Line chairman, president, and CEO Erik Lapasaran Lim said.

With its IPO, Top Line plans to expand its 10 Light Fuels service stations to 30 by building 20 more, boosting its presence in Cebu Province while diversifying its revenue streams.

For PSE president and CEO Ramon S. Monzon, Top Line’s listing “gives the company a seal of good housekeeping in terms of good governance, regulatory compliance and implicit management transparency.”

“Since listing dates are milestones, it is understandable that some investors put a lot of importance on their stock's performance on its stock market debut. But as I have often said, an IPO is not the be-all or end-all of a company's existence. It is just the beginning,” Monzon said.

The Investment & Capital Corp. of the Philippines served as the issue manager, joint lead underwriter, and joint book-runner for the IPO. PNB Capital and Investment Corporation also acted as joint lead underwriters and joint book-runners.