CEBU-BASED gasoline retailer Prime Line Enterprise Growth Corp. (Topline) has secured the approval of the Philippine Inventory Alternate (PSE) for its deliberate preliminary public providing (IPO) price as much as P3.16 billion.
Prime Line’s maiden providing will consist of three.68 billion main shares and an overallotment choice of as much as 368.31 million shares priced at as much as 78 centavos apiece, the PSE mentioned in an e-mailed assertion on Thursday.
Based mostly on a prospectus dated Oct. 31, the supply interval will likely be from Nov. 27 to Dec. 3, whereas the tentative itemizing date is on Dec. 12. The ultimate worth will likely be decided on Nov. 18.
Prime Line will likely be listed on the PSE’s fundamental board and will likely be traded by way of the ticker image “TOP.”
On the most supply worth of 78 centavos, Prime Line goals to generate P2.75 billion in web proceeds. The corporate is not going to obtain any proceeds from the overallotment choice.
The corporate will use the proceeds to construct gasoline depots in Mactan, Cebu, and in Bohol that can have a mixed storage capability of 30 million liters.
A portion of the proceeds can even be allotted for the acquisition of gasoline tankers and tank vehicles, in addition to the development of ten Mild Fuels service stations.
Funding & Capital Corp. of the Philippines and PNB Capital and Funding Corp. had been appointed because the joint lead underwriters and joint bookrunners for the supply.
“Doing an IPO is an enormous step for corporations aiming for development and growth. We’re happy that the equities market can help Prime Line’s enterprise technique by offering entry to capital it must speed up its growth, which is essential in solidifying its place within the trade,” PSE President and Chief Govt Officer Ramon S. Monzon mentioned.
Prime Line began industrial gasoline buying and selling operations in 2017, primarily in Central Visayas. The corporate operates a retail distribution community by way of gasoline station chain Mild Fuels.
The corporate is slated to be the fourth IPO this 12 months, becoming a member of gold and copper mining firm OceanaGold (Philippines), Inc., and renewable vitality corporations Citicore Renewable Power Corp. and NexGen Power Corp. — Revin Mikhael D. Ochave
