Titan Cement International has announced the launch of an initial public offering (IPO) for its Belgian subsidiary, Titan America, the parent company of its US operations. The offering consists of 24m common shares, including 9m new shares issued by Titan America and 15m existing shares sold by Titan Cement International.
The IPO is expected to price between US$15-18/share, with Titan America applying for a listing on the New York Stock Exchange under the ticker symbol "TTAM." Titan Cement International has also granted underwriters a 30-day option to purchase an additional 3.6m shares to cover over-allotments.
Upon completion of the IPO, Titan Cement International will retain ownership of 160,362,465 common shares in Titan America, representing 87 per cent of total outstanding shares. The listing marks a significant step in Titan America’s expansion, strengthening its presence in the US market.
