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Titan America has announced the pricing of its Initial Public Offering (IPO) of 24,000,000 common shares at $16.00 per share. The offering comprises 9,000,000 new shares from Titan America and 15,000,000 existing shares from parent company Titan Cement International SA.
Trading will commence on the New York Stock Exchange under ticker symbol TTAM on February 7, 2025, with closing expected on February 10, 2025. Titan America anticipates net proceeds of $136.8 million, earmarked for capital expenditures, growth strategies, and strategic acquisitions. Titan Cement International SA expects to receive $228 million in net proceeds.
Post-IPO, Titan Cement International SA will maintain majority ownership with 87% of total outstanding shares. Citigroup and Goldman Sachs are serving as joint lead book-running managers, alongside several other prominent financial institutions as bookrunners.
