Titan America’s share closed at 16 dollars, one dollar above the lower end of the range set at the IPO, which was between 15-18 dollars.
TCI (listed on Euronext in Brussels and Paris and on the Athens Stock Exchange) is raising 228 million dollars from the sale of 15,000,000 existing common shares of its subsidiary, and Titan America is raising about 136.8 million from the offering of 9,000,000 new shares (after deducting underwriters’ fees), for a total of 364.8 million.
This amount may increase by approximately 57 million dollars if the sale of an additional 3,600,000 TCI common shares to Titan America proceeds within the next 30 days, under the option granted to the underwriters at the price of the initial public offering after deducting underwriting fees in the event of oversubscription.
It should be noted that competent executives of the cement industry speak of oversubscription of the public offering without disclosing its amount, while explaining that the sale of the additional shares is at the discretion of the underwriters and, among other things, depends on the course of Titan America’s stock on the New York Stock Exchange.
Following the completion of the public offering, Titan Cement International is expected to own 160,362,465 common shares of Titan America, representing 87% of the total outstanding common shares (or 156,762,465 common shares representing 85% of the total outstanding common shares, assuming the underwriters exercise their option in full).
The funds raised by Titan America will be used for capital expenditures and other general corporate purposes, including funding investments in its technologies and growth strategies, as well as pursuing strategic acquisitions that will complement its business.
