Cebu-based fuel retailer Top Line Business Development Corp. (Top Line) plans to hold a P3.16-billion initial public offering in November 2024.
Top Line said in a statement over the weekend it filed with the Securities and Exchange Commission and the Philippine Stock Exchange the registration statement for its planned IPO.
Under the plan, Top Line will sell up to 3.683 billion primary common shares with an overallotment option of up to 368.31 million 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 Oct. 28 to Nov. 5, 2024.
“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,” said Top Line chairman, president and chief executive Erik Lim.
Top Line’s net income jumped 190 percent year-on-year to P60.6 million in the first half of 2024 from P20.8 million.
First-half gross revenues improved 15 percent to P1.56 billion from P1.36 billion a year ago.
“Earnings from our commercial fuel trading boosted our sales in the first half with robust fuel demand in Metro Cebu and Cebu Province,” Lim said.
Top Line, strategically positioned in the Visayas region, is engaged in commercial fuel trading, depot operations and retail fuel under its Light Fuels brand.
Its commercial fuel trading operations caters to customers with requirements of at least 4,000 liters per order in transportation, construction, shipping and mining.
The company said it would open two gas stations under the Light Fuels brand this month to bring the company’s total operating retail fuel stations to three.
“We are still set to meet our target of 10 operating service stations this year. Our expansion in the retail fuel market will further support our vertical integration plans, supporting Top Line’s continued growth,” Lim said.
The Light Fuels Express stations are meant to meet the needs of motorcycle riders and other lighter vehicles which are growing rapidly in terms of vehicle type usage in Metro Cebu.
Top Line will be the fourth company to list on the stock exchange this year after NexGen Energy Corp., OceanGold (Philippines) Inc. and Citicore Renewable Energy Corp. (CREC).
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