Top Line Secures ₱1.5B Approval for Growth-Driving Preferred Shares
Top Line Business Development Corp. (Top) has received regulatory approval for a follow-on offering of perpetual preferred shares worth up to ₱1.5 billion. The Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE) cleared the transaction, paving the way for the company’s next growth phase. The SEC granted pre-effective clearance for Top’s registration statement on April 28, 2026. The following day, the PSE board approved the listing application. The company plans to use the proceeds to fund its vertical integration strategy, focusing on expanding fuel importation and depot storage capabilities.
The offering will run from May 19 to June 1, with the preferred shares set to debut on June 11 at an indicative price of up to ₱100 each. The issue includes up to ₱1 billion in firm shares, equivalent to 10 million perpetual preferred shares, with an oversubscription option of up to ₱500 million.
PNB Capital and Investment Corp. will serve as the sole issue manager, while Security Bank Capital Investment Corp. will act as joint lead underwriter and bookrunner. Eugene Erik Lim, Top’s chairman, president, and CEO, described the offering as the next chapter in the company’s growth story.
Top expects the investment to improve procurement flexibility, stabilise supply chains, and boost margins across its distribution and retail operations. The successful listing will allow Top to strengthen its market position through expanded infrastructure and operational efficiency. The shares are scheduled to begin trading on June 11, 2026, following the completion of the offer period.
