The Investment & Capital Corporation of the Philippines (ICCP) lauded the successful initial public offering (IPO) of Cebu-based fuel distributor, Top Line Business Development Corp. (Top Line). This IPO marks a major milestone that signals promising growth for the company and regional enterprises across the Philippines.
Top Line debuted on the Main Board of the Philippine Stock Exchange last April 8. The company raised P732.6 million from the public offering, which will fund its expansion plans and strengthen its retail presence across Central Visayas.
“We are proud to have supported Top Line in this landmark listing. We believe the company is well-positioned to capitalize on strong demand in the fuel sector, especially with the fast-growing motorcycle market in Central Visayas,” said ICCP Senior Managing Director J. Mariano P. Ocampo. “Top Line’s strategic positioning and clear direction translate to strong margins and a compelling growth story.”
Mr. Ocampo further emphasized the company’s dedication and vision throughout the IPO journey. “What stood out was not just the fundamentals, but the drive and clarity of purpose the Top Line Team brought to the table.”
ICCP was the Sole Issue Manager, Joint Lead Underwriter, and Joint Bookrunner for the offering, with PNB Capital and Investment Corp. as Joint Lead Underwriter and Joint Bookrunner.
“The Top Line IPO is more than a successful transaction—it’s a bold statement of confidence in the entrepreneurial strength of the Visayas,” said ICCP Chairman Valentino S. Bagatsing. “It affirms that high-potential, homegrown companies beyond Metro Manila are ready to take center stage in the capital markets.”
With this milestone, Mr. Eugene Erik Lapasaran-Lim, the Chairman, President, and CEO of Top Line, said, “We are deeply grateful to our investors for their trust and belief in our growth story. With a successful IPO, we are able to accelerate our expansion and deliver long-term value to both our shareholders and the communities we serve. We would also like to commend our underwriters, ICCP and PNB Capital, for their strong support, guidance, and hard work throughout our journey and in helping us achieve our IPO goal.”
This is the country’s first IPO of the year and the first listing of a Cebu-based company in nearly a decade—an important signal for regional capital market activity and economic development.