Titan Cement International said Tuesday that its Titan America unit is launching a roadshow for an initial public offering of 24 million common shares at between $15 and $18 each.
The cement producer said the IPO consists of 9 million new common shares to be issued and sold by Titan America, and 15 million existing shares to be sold by Titan Cement International.
Titan Cement said it expects to grant underwriters a 30-day option to purchase an additional 3.6 million shares and that Titan America has applied to list its shares on the New York Stock Exchange under the "TTAM" ticker symbol.
Titan Cement International said that following the IPO, it will own approximately 87% of the total outstanding common shares of Titan America, or 85% if the underwriters exercise their over-allotment option in full.
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