Top Line Business Development Corp. (Top Line) has decided to move the offer period for its initial public offering (IPO) from this year to the first quarter of 2025 as potential institutional investors need more time to secure internal approvals to participate in the IPO.
“While we initially planned to proceed with our original offer period, we have received advice from potential investors to adjust our IPO timetable to accommodate their due diligence process. This strategic move provides them with the necessary time for their thorough internal review and approval process,” Mr. Erik Lim, Top Line’s Chairman, President and CEO, said.
The Company initially targeted an offer period of November 27 to December 3, 2024 with a listing on December 12, 2024. The new IPO timetable of the Company will be announced soon following regulatory processes.
Additionally, Top Line has gathered initial feedback from the market through qualified institutional buyers.
“We are happy with the reception from our engagement with qualified institutional buyers, reflecting the strong fundamentals and positive prospects for the fuel industry. With the adjusted timetable, we will update our current Prospectus to include the company’s year-to-date financial performance in Q3 2024 which would demonstrate our consistent growth trajectory,” Mr. Lim added.
Top Line will offer to the public up to 3,683,100,000 primary common shares with an overallotment option of up to 368,310,000 secondary common shares. It is expected to raise up to P2.75 billion in net proceeds from the sale of primary offer shares at an indicative offer price of up to P0.78 per share subject to a bookbuilding process.
On October 31, 2024, the Philippine Stock Exchange announced the preliminary terms of Top Line’s IPO and its ticker symbol “TOP.” With the adjustment on its IPO to the first quarter of 2025 and subject to regulatory approvals, Top Line is slated to be the first company from Metro Cebu after eight years to ring the trading bell again.
AS READ IN:
Manila Bulletin
https://mb.com.ph/2024/11/18/top-line-postpones-p3-16-b-ipo-to-first-quarter
Philippine Daily Inquirer
https://business.inquirer.net/490828/top-line-reschedules-ipo-to-2025
PhilStar
https://www.philstar.com/business/2024/11/19/2401150/top-line-moves-ipo-q1-2025