Top Line secures SEC nod for IPO

Cebu-based Top Line Business Development Corp. has secured final approval from the Securities and Exchange Commission (SEC) for its initial public offering (IPO), making it the first company in the Philippines to go public this year.

- Ehda M. Dagooc

The approval, granted on March 21, 2025, allows the company to offer 2.15 billion primary common shares, with an option for an additional 214.84 million secondary shares, representing 22 percent of its total ownership.

The Philippine Stock Exchange (PSE) had earlier issued a Notice of Approval in late February, paving the way for Top Line's listing on the PSE Main Board under the trading symbol "TOP".

The IPO offer period will run from March 24 to 31, 2025, with the listing date set for April 8, 2025. The final offer price has been set at P0.31 per share, determined through a book-building process involving both international and local institutional investors.

Top Line's Chairman, President, and CEO, Erik Lim, expressed optimism about the company's listing.