THE Philippine Stock Exchange (PSE) has given Cebu-based fuel retailer Top Line Business Development Corp. (Topline) approval to proceed with an initial public offering (IPO).
THE Philippine Stock Exchange has given Cebu-based fuel retailer Top Line Business Development Corp. approval to proceed with an initial public offering .Topline, which earlier this month secured Securities and Exchange Commission approval, is planning to sell up to 3.68 billion primary shares, with an overallotment option of as much as 368.31 million shares, from November 27 to December 3, 2024.The shares will be priced at a maximum of P0.
'We are pleased that the equities market can support Topline's business strategy by providing access to capital it needs to accelerate its development, which is crucial in solidifying its position in the industry,' he added.Topline is aiming to raise up to P3.16 billion at the maximum offer price, with net proceeds to be used to build fuel depots in Mactan, Cebu and in Bohol, purchase fuel tankers and tank trucks, and construct additional ten light fuels service stations.
Exchange Oks Topline's Public Debut
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