CEBU-BASED fuel retailer Top Line Business Development Corp. is delaying its initial public offering (IPO) plans to the first quarter of next year, citing requests from potential investors.
“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,” said Erik Lim, Top Line chief executive officer.
The company was initially looking at an offer period of November 27 to December 3 with a target listing of December 12.
The new IPO timetable of the company will be announced soon following regulatory processes, Top Line said.
“We are happy with the reception from our engagement with qualified institutional buyers. 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,” Lim said.
The company is looking to sell to the public 3.68 billion primary shares and another 368.31 million secondary shares to cover the greenshoe option, at an offer price of up to P0.78 per share. The company plans to use the proceeds of the IPO’s primary shares to construct fuel depots, acquire tankers, trucks, construct service stations as well as for working capital.
