NORFOLK, Va.–(BUSINESS WIRE)–Titan America SA, a subsidiary of Titan Cement International SA, has priced its initial public offering (IPO) at $16.00 per share, offering a total of 24,000,000 common shares. This includes 9,000,000 new shares to be issued and sold by Titan America and 15,000,000 existing shares to be sold by Titan Cement International SA. Titan Cement International SA has granted underwriters a 30-day option to purchase up to an additional 3,600,000 shares to cover over-allotments at the IPO price, less underwriting discounts and commissions.
The shares are expected to begin trading on the New York Stock Exchange under the ticker symbol “TTAM” on February 7, 2025. The offering is expected to close on February 10, 2025, subject to customary closing conditions.
Titan America expects to receive net proceeds of approximately $136.8 million, which will be used for capital expenditures, corporate purposes, technology investments, and growth strategies, including strategic acquisitions. Titan Cement International SA anticipates receiving net proceeds of approximately $228 million.
Following the IPO, Titan Cement International SA is expected to own 87% of Titan America’s outstanding shares (or 85% if the over-allotment option is fully exercised).
Citigroup and Goldman Sachs & Co. LLC are acting as joint lead book-running managers, with BofA Securities, BNP Paribas, Jefferies, HSBC, Societe Generale, and Stifel acting as bookrunners.
For more details, a preliminary prospectus has been filed with the SEC and is available at SEC’s website. The final prospectus will also be filed with the SEC.
About Titan America SA Titan America, generating $1.6 billion in annual sales, is a leading player in the U.S. East Coast market, with a strong presence in Florida, the Mid-Atlantic, and Metro New York/New Jersey.
About Titan Cement International SA Titan Cement International SA, part of the TITAN Group, is a global leader in building and infrastructure materials, with operations in over 25 countries and €2.6 billion in annual sales.
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