Today Titan America SA, a subsidiary of Titan Cement International SA, has officially kicked off a roadshow for its initial public offering (IPO) of 24 million common shares. The Belgian-based company is seeking a valuation of up to $3.32 billion.
The offering includes 9 million new shares to be issued by Titan America and 15 million existing shares from Titan Cement International SA.
The company is also expected to give underwriters a 30-day option to purchase an additional 3.6 million shares in case of over-allotments. Citigroup and Goldman Sachs are the lead underwriters for the offering.
The IPO is projected to be priced between $15 and $18 per share, with Titan America seeking to list its shares on the New York Stock Exchange under the ticker symbol “TTAM.”
After the IPO, Titan Cement International SA is anticipated to hold approximately 160.4 million shares of Titan America, maintaining an 87% ownership stake.
Titan America currently boasts annual sales of $1.6 billion and is a key player in the rapidly growing economic regions along the U.S. East Coast.
By CEO NA Editorial Staff
