Top Line Business Development Corp. (TOP), a Cebu-based commercial fuel trading and retail gas distribution company, made its successful debut on the Philippine Stock Exchange (PSE). The firm raised Php 732.62 million from the sale of 2.36 billion shares, including firm and overallotment shares, during its initial public offering (IPO).
TOP plans to allocate 50% of its IPO proceeds toward expanding its retail operations through the construction of 20 new service stations for its subsidiary, Lights Fuel Corporation. In addition, the company intends to purchase a 5-million-liter fuel tanker, which will boost its fuel storage capacity to a total of 10 million liters. PSE President and CEO Ramon S. Monzon emphasized that these initiatives align with Top Line’s strategic goals, stating, “These investments are integral to Top Line’s long-term vision of contributing to the nation’s economic development and energy security through its diverse business solutions.”
Mr. Monzon also reflected on TOP’s journey from being a participant in the PSE’s Road to IPO forum to becoming a PSE LEAP (Listing Engagement and Assistance Program) client in 2022, and now a publicly listed company. The PSE LEAP initiative provides comprehensive support to potential listing applicants, helping them navigate the IPO process. “Today marks the culmination of years of planning, learning, and dedication, as we witness the realization of Top Line’s dream to be listed on the PSE,” Mr. Monzon added.
He also highlighted the significance of an IPO as the beginning of a company’s growth, not the end. “As I’ve often stated, an IPO is not the culmination of a company’s journey; it’s just the beginning. Being listed signifies a commitment to good governance, regulatory compliance, and transparency. With this status, instead of seeking loans from banks, it will be the banks reaching out to offer financing. You will also be well-positioned in the bond market and can easily raise capital through follow-on or stock rights offerings.”
TOP is the fourth company to successfully transition from PSE LEAP to becoming a listed entity on the PSE, further solidifying the program’s role in fostering the growth of emerging businesses in the Philippines.
