Top Line debuts on the Philippine Stock Exchange
MANILA, Philippines – Fuel retailer Top Line Business Development Corp. on Tuesday completed the first initial public offering (IPO) of the year, a day after global markets tumbled as a result of US President Donald Trump’s “Liberation Day” tariffs.
Lim family-led Top Line is the first Cebu-based company to debut on the local bourse in eight years after Cebu Landmasters Inc. in 2017.
READ: ‘Strategic investor’ eyeing to join Top Line
Listed under the ticker “TOP,” Top Line opened on Tuesday at P0.30 per share.
Despite the bloodbath at Asian markets the day before, Philippine Stock Exchange (PSE) president Ramon Monzon said Top Line “can navigate these headwinds in the financial markets.”
The benchmark PSE Index on Monday fell by 4.3 percent to 5,822.52, its worst closing value in 30 months as investors ran for cover due to recession fears.
This is also the index’s steepest fall since the COVID-19 pandemic.
