CEBU-BASED fuel retailer Top Line Business Development Corp. (Topline) has secured the approval of the Philippine Stock Exchange (PSE) for its planned initial public offering (IPO) worth up to P3.16 billion.
Top Line’s maiden offering will consist of 3.68 billion primary shares and an overallotment option of up to 368.31 million shares priced at up to 78 centavos apiece, the PSE said in an e-mailed statement on Thursday.
Based on a prospectus dated Oct. 31, the offer period will be from Nov. 27 to Dec. 3, while the tentative listing date is on Dec. 12. The final price will be determined on Nov. 18.
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