Cebu fuel company plans IPO to expand network

A Cebu-based fuel company, Top Line Business Development Corp., is set to launch its initial public offering (IPO) this year, despite concerns about the market. CEO Erik Lim expressed optimism during an interview in Manila, noting that he believes the market will improve over time. Founded in 2013, Top Line specializes in fuel distribution, logistics, and real estate. The company aims to raise about 732.62 million Philippine pesos through its IPO. Lim highlighted the company's focus on the motorcycle market in Central Visayas, where motorcycles make up 68 percent of vehicles. This niche market is seen as an opportunity amid tough competition in the four-wheel vehicle sector. Top Line's retail arm, Light Fuels Corp., opened four stations in Cebu and plans to expand to at least 20 locations in the next two years. The Lim siblings, who are involved in the family's business, have successfully transformed Top Line from a real estate firm into a major player in the fuel industry. In recent years, the company has seen significant growth, reporting a 157 percent increase in net income, reaching 90.5 million pesos. The Lim siblings are committed to continuing this growth, seeing the IPO as a key strategy for accelerating their expansion plans.