Top Line has launched the Philippines’s first IPO this year, while early-stage venture capital investor Kaya Founders has backed five startups in the country.
Top Line launches Philippines’s first IPO in 2025
Fuel retailer Top Line Business Development Corp launched its initial public offering (IPO) early this week after securing regulatory approval, marking the first IPO in the Philippines this year.
The Cebu-based fuel retailer is offering up to 2.15 billion primary common shares at a final price of 0.31 pesos per share, with an overallotment option of 214.84 million secondary shares. The offer period runs from March 24 to 31, with listing set for April 8 on the Philippine Stock Exchange.
Top Line originally planned to go public in 2024 but delayed it due to market volatility following Donald Trump’s US presidential win. The company also reduced its offer size and price, down from a previous target of 0.78 pesos per share and 3.68 billion shares.
The IPO could raise up to 732.62 million pesos ($12.8 million) if the full overallotment is exercised, with net proceeds of 624.6 million pesos allocated for expansion. Around 300 million pesos will go toward building 20 service stations and 180 million pesos for acquiring fuel tankers.
Kaya Founders backs LenderLink, ProTech, others
Kaya Founders, a Philippine-based early-stage venture capital investor, has announced its investment in five startups – three new and two follow-on.
The new additions to Kaya’s portfolio include fintech startup LenderLink, which offers alternative credit data for lenders; insurtech firm ProTech, focused on device insurance in emerging markets; and Foodoo, a B2B platform streamlining transactions in the food supply industry.
Kaya also reinvested in AI-powered B2B product recommendation engine Sourcy and online tutoring platform EDGE Tutor, both of which have shown strong growth.
Raya Buensuceso, Kaya Founders Managing Director, told DealStreetAsia that all the five startups are based in the Philippines, with EDGE Tutor, ProTech, and Sourcy operating internationally.
Kaya Founders operates through two main funds: the Zero to One Fund, which backs pre-seed startups; and the One to Ten Fund, focused on scaling successful ventures and investing in high-potential startups beyond its ecosystem.
