Toppoint Holdings closes $10M IPO

Toppoint Holdings Inc. of North Wales, Pennsylvania, has announced the closing of its initial public offering, originally announced Jan. 21, of an aggregate of 2.5 million shares of its common stock at a price of $4 per share, for a total of $10 million in gross proceeds before deducting underwriting discounts and estimated offering expenses. The company’s shares began trading on the NYSE stock exchange Jan. 22 under the ticker symbol “TOPP.”

Toppoint says it also has granted the underwriter an option, exercisable within 45 days from the date of the final prospectus, to purchase up to an additional 375,000 shares of common stock at the public offering price, representing 15 percent of the shares sold in the offering, less underwriting discounts and commissions, to cover over-allotments.

The company was established in 2014 and specializes in transporting recovered paper, scrap metal and wooden logs for large waste companies, recycling centers and commodity traders. Its operations extend to major ports, including Newark, New Jersey, and Philadelphia. Toppoint Holdings recently expanded into the recycling export transport markets of Miami, Tampa and Jacksonville, Florida; Baltimore; and Ensenada, Mexico, as of 2024. The company also provides trucking and logistics brokerage solutions for plastic and other commodities, servicing key commercial hubs across the U.S.

Toppoint says it expects to use the net proceeds from the IPO for geographic expansions, investments in physical and information technology infrastructure, growing its sales team and marketing efforts and general working capital and other corporate purposes.