BIZ BUZZ: TOP on top
Top Line Business Development Corp. has clearly faced some headwinds before its stock market debut.
First, the Cebu-based fuel retailer postponed its November 2024 listing. After that and a series of meetings with potential investors, Top Line decided to cut its initial public offering size and drop plans to buy a fuel depot.
And during its first trading day on Tuesday, it closed down by 3 percent.
But the downtrend was very much short-lived.
In fact, the Lim family-led conglomerate, listed under the ticker “TOP,” closed on Thursday as the Philippine Stock Exchange’s top gainer, with its shares surging by 11.67 percent to P0.335 each.
To add to that, Top Line had fully exercised its oversubscription option to raise the full P732.62 million—all while the world prepared for a global trade war.
We’re hoping that the euphoria at Top Line continues.
