Top Line Business Development Corp. (TOP) has revised the allocation of its initial public offering (IPO) proceeds to support a more agile and scalable expansion strategy, according to a disclosure filed with the Securities and Exchange Commission on June 23, 2025.

During a special board meeting on the same day, TOP’s Board of Directors approved the reallocation of its PHP624.6 million IPO proceeds, redirecting a significant portion toward the broader expansion of its service station network. The company increased the budget for network expansion from the original PHP300 million to PHP400 million by adjusting the scope beyond the construction of new stations to include more flexible growth strategies.

“This shift supports faster market entry and operational scalability while maintaining alignment with the Company’s long-term growth objectives,” the disclosure stated.

The company also trimmed the budget for acquiring a new fuel tanker, redirecting that amount toward working capital. TOP cited newly secured depot space within a terminal in Mandaue City as a key reason for deprioritizing the tanker purchase. The added storage capacity enhances inventory management and reduces the immediate need for a dedicated tanker.

As a result, the working capital allocation was increased from PHP134.6 million to PHP214.6 million. Other components of the IPO use, such as PHP10 million allocated for general corporate purposes. remain unchanged.

TOP said the adjustments reflect its ongoing commitment to practical financial management and maximizing shareholder value. The company expects to fully utilize its IPO proceeds by the end of 2026.

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