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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.
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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