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NEW YORK - Titan America SA, a subsidiary of Titan Cement International SA, has successfully closed its initial public offering (IPO) on the New York Stock Exchange, with the company’s shares trading under the ticker symbol "TTAM" since last Monday, February 7, 2025. The IPO consisted of 24 million common shares priced at $16.00 each, with 9 million new shares issued by Titan America and 15 million shares sold by Titan Cement International SA. The stock has shown strong momentum since its debut, currently trading at $17.30, representing an 8.1% increase from its IPO price. Trading volume has been robust, with an average daily volume of 5.2 million shares over the past three months.
The transaction generated net proceeds of approximately $136.8 million for Titan America, after underwriting discounts and commissions. These funds are earmarked for capital expenditures and general corporate purposes, which include investing in new technologies, supporting the company’s growth strategies, and financing potential strategic acquisitions. Since its listing, TTAM has traded within a range of $15.75 to $17.75, demonstrating stable market performance. For detailed analysis and additional insights about TTAM’s valuation metrics, visit InvestingPro, which offers exclusive financial metrics and expert projections.
Titan Cement International SA, the parent company, received roughly $228 million in net proceeds from the sale of its shares in the offering. Following the IPO’s close, Titan Cement International SA retains ownership of 160,362,465 common shares of Titan America, which represents an 87% stake in the company.
Citigroup (NYSE:C) and Goldman Sachs & Co. LLC led the offering as joint lead book-running managers, with additional bookrunning support from BofA Securities, BNP Paribas (OTC:BNPQY), Jefferies, HSBC, Societe Generale (OTC:SCGLY), and Stifel.
The offering was conducted through a prospectus in compliance with the United States Securities Act of 1933, as amended. A registration statement for the securities became effective on February 6, 2025.
Titan America, with annual sales of $1.6 billion, operates as a vertically integrated entity in the U.S. East Coast’s high-growth economic regions. The company has strong market positions across Florida, the Mid-Atlantic, and the Metro New York/New Jersey area. Track TTAM’s performance against industry peers and access comprehensive financial analysis with InvestingPro, featuring over 30 financial metrics and exclusive ProTips.
Its parent company, TITAN Group, boasts €2.6 billion in annual sales and is an international player in the building and infrastructure materials industry. TITAN Group employs over 5,700 people and operates in more than 25 countries, with significant presence in the U.S., Europe, and the Eastern Mediterranean, and a joint venture in Brazil. Titan Cement International SA is listed on Euronext (EPA:ENX) in Brussels and Paris and the Athens Exchange.
This news is based on a press release statement.
In other recent news, Titan America, a subsidiary of Titan Cement International SA, has successfully initiated its initial public offering (IPO). The shares made a modest debut, opening at $16.20, slightly higher than the IPO price of $16.00 per share. The offering comprised 24,000,000 common shares, with Titan America issuing 9,000,000 new common shares and Titan Cement International SA selling 15,000,000 existing common shares. Titan Cement International SA has also provided underwriters with a 30-day option to purchase up to an additional 3,600,000 common shares to cover over-allotments.
Citigroup and Goldman Sachs & Co. LLC have taken the lead as joint book-running managers for the IPO, with BofA Securities, BNP Paribas, Jefferies, HSBC, Societe Generale, and Stifel also playing significant roles. These developments are recent, marking a new chapter for Titan America, a business with annual sales of $1.6 billion, which holds strong market positions across Florida, the Mid-Atlantic, and Metro New York/New Jersey.
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