WASHINGTON (dpa-AFX) - Titan America SA, a subsidiary of Titan Cement International SA and parent company of its U.S. operations, said it priced its initial public offering of 24 million common shares at a price to the public of $16.00 per share.
The IPO consists of 9 million new common shares to be issued and sold by Titan merica and 15 million existing common shares to be sold by Titan Cement International SA.
Titan Cement International SA has granted the underwriters a 30-day option to purchase up to an additional 3.60 million common shares to cover over-allotments, if any, at the initial public offering price, less underwriting discounts and commissions.
Titan America's common shares are expected to begin trading on the New York Stock Exchange under the ticker symbol 'TTAM' on February 7, 2025. The offering is expected to close on February 10, 2025, subject to the satisfaction of customary closing conditions.
Titan America expects to receive net proceeds of approximately $136.80 million after deducting underwriting discounts and commissions, which will be used for capital expenditures and other general corporate purposes, including to fund investments in technologies and Titan America's growth strategies and to pursue strategic acquisitions that complement Titan America's business.
Titan Cement International SA expects to receive net proceeds of about $228 million, after deducting underwriting discounts and commissions.
After the completion of the IPO, Titan Cement International SA is expected to own 160.36 million common shares of Titan America, representing 87% of the total outstanding common shares or 156.76 million common shares, representing 85% of the total outstanding common shares, if the underwriters exercise in full their over-allotment option.
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