Cebu-based fuel retailer seeks regulators' nod for IPO plan

Fuel retailer Top Line Business Development Corp. (Top Line), a regional player based in Cebu, is making its way to the capital market as it guns to launch a maiden debut within the last quarter of the year.

The company said over the weekend that it has formally filed a registration statement and listing application with the Securities and Exchange Commission (SEC( and The Philippine Stock Exchange, Inc., respectively.

Top Line’s planned initial public offering (IPO) will consist of 3,683,100,000 primary common shares with an overallotment option of up to 368,310,000 secondary common shares.

The indicative offer price is up to P0.78 per share subject to a bookbuilding process.

The tentative offer period will be from 9:00 a.m. on 28 October to 5:00 p.m. on 5 November.

The company, however, noted that the IPO launch is still subject to certain regulatory approvals.

“With our accelerating growth in recent years in the fuel sector of the Visayas region, we are poised for the company’s historic milestone of listing on the PSE,” Top Line Chairman, President, and CEO Erik Lim said.

In the first half of the year, Top Line grew its net income by 190 percent to P60.6 million from P20.8 million in the same period a year ago.

The profit surge was fueled by the 15 percent increase to P1.56 billion in revenues, from P1.36 billion last year.