SEC OKs Topline's P3.2-B IPO

The Securities and Exchange Commission (SEC) has cleared the initial public offering (IPO) of Top Line Business Development Corp. next month.

- By BRIX LELIS

The Cebu-based fuel retailer intends to raise as much as P3.2 billion by offering up to 3.68 billion common shares with an overallotment option of up to 368.31 million secondary common shares at a maximum price of P0.78 apiece.

The proceeds from the sale of primary shares will be used to fund the construction of fuel depots and service stations, the acquisition of fuel assets, working capital and other general corporate purposes.

The company will not receive proceeds from the offer of secondary common shares owned by selling shareholders.