‘Strategic investor’ eyeing to join Top Line
Top Line Business Development Corp. is banking on the entry of a “strategic investor” to boost the Cebu-based company’s logistics capabilities as it prepares for its upcoming stock market debut.
Top Line president and CEO Erik Lim told reporters on Wednesday they were in “advanced talks” with the investor, which has shown “a lot of interest [in] coming in.”
“They mentioned that they want to enter Top Line with their operation for the group … they’re quite happy with our engagement, so they said they would want to participate,” Lim said during a media briefing.
The CEO did not disclose further details, including how much equity the investor wanted in Top Line, whose other businesses include ports and real estate.
This comes ahead of Top Line’s initial public offering (IPO), which will be the country’s first stock market debut of the year.
Top Line, the first Cebu-based company to go public since Cebu Landmasters Inc. in 2017, plans to raise up to P764.2 million from its IPO.
The company will offer up to 2.15 billion primary common shares for as much as P0.38 per share.
This is down from the previous size of P3.12 billion as the Lim family-led conglomerate shifted its focus to importing fuel and boosting its retail portfolio in Central Visayas.
As a result of a downsized IPO, Top Line would be dropping plans to build new fuel depots in Bohol and Mactan that would have boosted its fuel capacity by 30 million liters from 5 million liters currently.
The offer period will run from March 24 to 31, while listing is scheduled on April 8.
