Foreign investor joining Top Line's IPO

Top Line Business Development Corp. is set to welcome a foreign strategic investor in its planned initial public offering (IPO) this month.

- By RICHMOND MERCURIO

The STAR has learned from a source familiar with the matter that a foreign company that serves as one of Top Line's fuel suppliers will serve as a strategic investor in the company's upcoming IPO.

In a briefing yesterday, Top Line president and CEO Erik Lim said the company is in advanced talks with the strategic investor, but declined to disclose its identity.

"We'll know soon when we do the offer period. And since the books are slowly being filled right now as we speak, because we're doing the bookbuilding process now, and so potentially, we're looking at a strategic investor that's coming in," Lim said.