By Colin Kellaher

Titan America's initial public offering was priced toward the low end of expectations, giving the U.S. arm of Belgian cement producer Titan Cement International an initial market value of about $2.95 billion.

Titan America late Thursday said the offering of 24 million shares was priced at $16 apiece, compared with an expected price range of $15 to $18 each.

Titan America, which is selling nine million shares in the IPO, said it expects net proceeds of about $136.8 million, while Titan Cement, which is selling 15 million shares, will net roughly $228 million.

Titan Cement will still own 87% of Titan America after the offering, or 85% if the underwriters exercise their option to buy another 3.6 million shares from the parent company.

Titan America shares are slated to begin trading Friday on the New York Stock Exchange under the symbol TTAM.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

February 07, 2025 05:57 ET (10:57 GMT)

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