In Manila, Philippines, when I met Erik Lim for an interview, it was pouring outside.

For many years now, rainy days have been linked with sadness, particularly when they unexpectedly show up and ruin arrangements meticulously planned out.

However, the 38-year-old CEO of Top Line Business Development Corp., a Cebu-based fuel company, maintained a cheerful demeanor even amidst his short but packed schedule in Manila.

After all, his firm will lift the curtain on this year’s initial public offering (IPO) scene, even though experts view this period as bleak for stocks.

I often wish we had a crystal ball,” Lim shares with LifeHack My ID when discussing his thoughts on how the market might respond to their comparatively new company. “However, as they say, if the market conditions are extremely poor or any fundamental indicators are weak… the only direction it can go from here is upwards.

Erik heads the third-generation Lims, who are currently managing their locally established family enterprise that seems to be making waves in the domestic stock market.

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Launched in 2013, Top Line serves as the parent company for the Topline Group, which primarily focuses on commercial fuel trading, logistics, port operations, energy sectors, and property development.

This platform features a business-to-business framework designed to connect its various divisions for generating synergies and securing vital fuel supplies.

Niche market

However, claiming dominance over the nation’s second biggest metropolitan area is far from simple, particularly because numerous individuals are determined to build their own domains in Cebu City as Metro Manila gets increasingly congested.

What’s driving the hopefulness for the Lims, who aim to secure P732.62 million through Top Line’s initial public offering (IPO)?

As the CEO describes it, Top Line aims at a highly specialized market that rules the roads in his home city: motorcycles.

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Cebu-based fuel company aiming for IPO seeks to benefit from surge in motorcycles.

Currently, our focus remains on Metro Cebu and Central Visayas due to numerous opportunities available,” states Lim. “Especially in Metro Cebu, we observe significant potential as there is an untapped segment of the market.

Currently, motorcycles make up 68 percent of the vehicles in Central Visayas, as stated by Lim. This simplifies their decision to stay out of the four-wheel sector, where competition is already fiercely competitive.

To cater to this possible demand, Top Line leverages Light Fuels Corp., its two-year-old retail division, which was also at the center of the company’s initial public offering on April 8.

By this month, Top Line has established four Light Fuels stations throughout Cebu. With their highly anticipated initial public offering (IPO), the firm aims to expand this number fivefold to approximately 20 within the upcoming two years.

If you consider the growth plan for Light Fuels, it’s even more ambitious compared to earlier,” Lim remarks, adding that their focus was solely on expanding to 10 outlets following their IPO last year.

Back to their roots

The benefit of Top Line also stems from its origins in Cebu, which is approximately 600 kilometers distant from its recently launched office in Taguig City.

Prior to the firm expanding beyond Cebu’s limits, Lim along with his brothers and sisters—Top Line COO Brigitte Carmel Lim and CFO Constance Marie Lim—were at the helm of the operation.

In the presence of all three together in one space, their distinctive connection becomes clear as they talk amongst themselves. This is particularly noticeable when they pass around a microphone to respond to queries tailored specifically to each individual’s area of knowledge. For those watching from outside, it is apparent that these individuals collaborate effortlessly—much like siblings who have grown up under the same roof sharing countless memories together.

“Top Line essentially comprises our family—my father, mother, brothers, sisters, and everybody else,” Erik shared during an interview with LifeHack My ID in July 2024. At that time, Erik was on a short business visit to Manila prior to returning home to Cebu, as he planned to mark Brigitte’s birthday celebration there.

Maybe it is exactly due to this connection that enables them to manage Top Line with caution and respect for one another’s abilities.

After establishing their family business in 2013, the siblings managed to expand it beyond just operating as a real estate firm.

Topline Properties and Development Corp., transforming into the fuel retailer it is today.

“When we witnessed the fuel tankers refueling the ships, we thought: ‘This might turn into a profit-making opportunity—a new business venture,’ ” Erik mentions.

True to their promise, retail and commercial fuel trading became Top Line’s primary focus, resulting in an impressive surge of 157 percent in the company’s net income, reaching a record-high P90.5 million during the initial nine-month period of the previous year.

Throughout this period, Top Line distributed 50.8 million liters of liquid fuels, marking an increase of 19 percent.

“Since our inception, we’ve experienced rapid expansion over the past several years, and we remain committed to working diligently to sustain this growth,” Brigitte stated at a recent press conference.

For the Lims, the opportunity for growth and expansion makes pursuing an IPO remain a sensible choice even amid current circumstances. As Erik emphasized on that wet day in Manila, an IPO is “the fastest route” to success.

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