Titan America (TTAM) said Monday it has closed its initial public offering of 24 million common shares at $16 per share.

The company said it has issued and sold 9 million shares in the IPO and received net proceeds of about $136.8 million, which will be used for capital expenditures and other general corporate purposes.

The remaining 15 million shares were sold by the company's parent, Titan Cement International, which received about $228 million in net proceeds, Titan America said.

Titan Cement International owns 87% of Titan America's outstanding shares as of the closing of the IPO, Titan America said.

The company's shares were up 2.6% in recent trading.

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