Titan is seeking to raise up to 0.5 billion dollars from the listing of its subsidiary, Titan America, on the New York Stock Exchange.
The majority of these funds (at least 62.5%) will be used to develop the Group, Titan Cement International S.A. (listed on Euronext in Brussels and Paris and on the Athens Stock Exchange), including domestic operations.
Titan Cement International (TCI) will retain an 85%-87% stake in Titan America (after its listing and depending on whether the option mentioned below is exercised) and will continue to benefit from the further growth of its operations in the US.
Titan America has launched a roadshow in connection with an initial public offering (IPO) of 24,000,000 common shares. The public offering consists of 9,000,000 new common shares to be issued and sold by Titan America and 15,000,000 existing common shares to be sold by TCI. The proposed price per share is expected to range between 15-18 dollars. This means that the funds to be raised will be between 360-432 million dollars.
In the event of oversubscription, however, TCI will grant the underwriters a 30-day option to purchase an additional 3,600,000 common shares. With the addition of these shares and based on the announced price range, the funds to be raised will range between 414-496.8 million dollars.
According to the procedure for listing companies on the New York Stock Exchange, the investor information (roadshow) lasts 7 to 8 business days. Depending on the interest shown, the exact price of the listing of Titan America’s shares will then be decided.
Titan Group proceeds with the listing of Titan America on the New York Stock Exchange, having to demonstrate record sales and profits for another year.
