Top Line pares down IPO size

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Cebu-based fuel retailer Top Line Business Development Corp. has reduced the amount of shares it intends to sell under its planned initial public offering (IPO) to 2.36 billion, from the previous 4.05 billion shares. 

This cuts the prospective proceeds of the IPO to P898 million, the company said in a statement, from the estimated P3.16 billion earlier. 

The company suspended the IPO that was supposed to run from November 27 to December 3, citing that investors need more time to study the share sale.

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Top Line said the new IPO shares will be divided into an initial 2.15 billion primary shares, with an overallotment option of up to 214.84 million secondary shares.

Earlier, the share sale is composed of 3.68 billion primary shares as firm shares and another 368.31 million secondary shares for the overallotment option.

The company likewise reduced its offer price to up to P0.38 per share from P0.78.

Assuming the full exercise of the overallotment option, the shares owned by the public will be approximately 22 percent, Top Line said.

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