Toppoint Holdings, a truckload services provider focused on the recycling export supply chain, announced terms for its IPO on Thursday.
The North Wales, PA-based company plans to raise $13 million by offering 2.5 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Toppoint would command a market value of $87.5 million, and an enterprise value of $77.3 million.
Operating as a specialized regional trucking and logistics provider with a significant presence in New Jersey and Pennsylvania, Toppoint primarily offers integrated transportation solutions covering loading, transport, port drayage, and unloading. The company primarily transports waste paper (75% of 2023 revenue), scrap metal (6%), and wooden logs (1%) to ports for export. Its client base consists of large waste management companies, recycling centers, and commodity traders.
Toppoint Holdings was founded in 2014 and booked $17 million in sales for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol TOPP. A.G.P. is the sole bookrunner on the deal.
