Titan Cement International SA has announced the launch of an initial public offering (IPO) for its subsidiary, Titan America SA, to issue 24 million ordinary shares.
The company is issuing 9 million new shares and selling 15 million existing shares, with a price range set between 15 to 18 US dollars per share, aiming to raise 432 million euros.
Belgium-based Titan America plans to list its shares on the New York Stock Exchange under the symbol ‘TTAM’. This move is expected to strengthen Titan America’s market presence in the US while maintaining a significant shareholding by Titan Cement International.
Titan America is seeking a valuation of up to 3.32 billion dollars in its New York listing.
Citigroup and Goldman Sachs are the lead underwriters for the offering.
