The Investment & Capital Corporation of the Philippines (ICCP) has praised the successful initial public offering (IPO) of Cebu-based fuel distributor Top Line Business Development Corp., marking a major achievement for the company and a significant step forward for regional businesses in the Philippines.
Top Line made its debut on the Main Board of the Philippine Stock Exchange on April 8, raising P732.6 million through its public offering. The proceeds will support the company’s expansion plans and bolster its retail operations throughout Central Visayas.
“We are proud to have played a key role in Top Line’s landmark listing,” said ICCP Senior Managing Director J. Mariano P. Ocampo. “The company is strategically positioned to leverage the growing demand in the fuel sector, particularly driven by the booming motorcycle market in Central Visayas. Their strong fundamentals and clear strategic direction make for a compelling growth story.”
Ocampo also highlighted the Top Line team’s unwavering focus and commitment during the IPO process. “What truly stood out was not only their financial strength, but also the team’s passion and clarity of purpose throughout the journey.”
ICCP served as the Sole Issue Manager, Joint Lead Underwriter, and Joint Bookrunner for the offering, with PNB Capital and Investment Corp. acting as Joint Lead Underwriter and Joint Bookrunner.
ICCP chairman Valentino S. Bagatsing underscored the broader implications of the IPO. “This is more than a successful listing—it’s a powerful affirmation of the entrepreneurial vitality in the Visayas. It demonstrates that high-potential companies outside Metro Manila are ready to thrive in the capital markets.”
Top Line Chairman, President, and CEO Eugene Erik Lapasaran-Lim expressed gratitude to the company’s investors and partners. “We are deeply thankful for the trust and confidence of our investors. The success of our IPO enables us to accelerate our expansion and deliver lasting value to our shareholders and the communities we serve. We also extend our sincere appreciation to ICCP and PNB Capital for their steadfast support and expert guidance.”
Top Line’s listing is the first IPO in the Philippines for 2025 and the first Cebu-based listing in nearly a decade—an encouraging sign for regional capital markets and broader economic development.