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Strong IPO demand amid market rout

Manila Bulletin

April 9, 2025

Cebu-based fuel dealer Top Line Business Development Corp. on Tuesday successfully staged its oversubscribed initial public offering (IPO) worth P733 million.

- By JAMES A. LOYOLA

Top Line is the first IPO of the year, and the first Cebu-based company to complete an IPO in almost a decade. The firm offered 2.15 billion primary common shares, with an over-allotment option of up to 216.84 million secondary shares, at a price of P0.31 per share.

“Receiving strong interest from both local and foreign institutional investors as well as retail investors, the company’s IPO is oversubscribed,” Top Line said in a statement.

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