By Colin Kellaher
Titan America, the U.S. arm of Belgian cement producer Titan Cement International, unveiled terms of a planned U.S. initial public offering that could give it a market value topping $3 billion.
Titan America, which makes heavy building materials and operates primarily on the U.S. Eastern Seaboard, on Tuesday said it plans to sell 9 million shares at between $15 and $18 apiece in the IPO, for net proceeds of about $130.7 million at the $16.50 midpoint of that range.
Titan Cement plans to sell an additional 15 million shares in the offering, bringing the size of the IPO to 24 million shares, and will still own about 87% of Titan America's voting rights.
Titan America said it would have about 184.4 million shares outstanding after the IPO, for a market capitalization of nearly $3.32 billion at the high end of the expected offering price range.
Titan America said it has applied to list its shares on the New York Stock Exchange under the symbol TTAM.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
January 28, 2025 09:41 ET (14:41 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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