Titan’s roadshow for the listing of its subsidiary, Titan America, on the New York Stock Exchange (NYSE) was concluded. The aim of the company is to raise up to 0.5 billion dollars.
According to sources, strong demand reinforces expectations in the cement industry’s management that it will achieve the goals it has set.
Titan Cement International S.A. – TCI (listed on Euronext in Brussels and Paris and on the Athens Stock Exchange) will maintain an 85%-87% stake in Titan America and will continue to benefit from the further growth of its activities in the US.
Specifically, Titan America has announced 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 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 range 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.
