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Titan America SA (“Titan America”), a subsidiary of Titan Cement International SA and parent company of its U.S. operations, today closed its initial public offering (“IPO”) of 24,000,000 common shares at a price to the public of $16.00 per share. The IPO consists of 9,000,000 new common shares issued and sold by Titan America and 15,000,000 existing common shares sold by Titan Cement International SA. Titan America’s common shares began trading on the New York Stock Exchange under the ticker symbol “TTAM” on February 7, 2025.
Titan America received net proceeds of approximately $136,800,000 million, after deducting underwriting discounts and commissions, which will be used for capital expenditures and other general corporate purposes, including to fund investments in technologies and Titan America’s growth strategies and to pursue strategic acquisitions that complement Titan America’s business.
Titan Cement International SA received net proceeds of approximately $228,000,000, after deducting underwriting discounts and commissions.
As of the closing of the IPO, Titan Cement International SA owns 160,362,465 common shares of Titan America, representing 87% of the total outstanding common shares.
Citigroup and Goldman Sachs & Co. LLC (in alphabetical order) acted as joint lead book-running managers for the IPO. BofA Securities, BNP Paribas, Jefferies, HSBC, Societe Generale and Stifel acted as bookrunners for the IPO.
The offering was made only by means of a prospectus under the United States Securities Act of 1933, as amended. A final prospectus relating to the offering has been filed with the SEC and is available on the SEC’s website located at https://www.sec.gov. Copies of the final prospectus may be obtained from: Citigroup Global Markets Inc. at Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by telephone at (800) 831-9146; or Goldman Sachs & Co. LLC Attention: Prospectus Department, 200 West Street, New York, New York 10282, by telephone at (866) 471-2526, or by e-mail at Prospectus-ny@ny.email.gs.com.
A registration statement on Form F-1 (Registration No. 333-284251) relating to these securities was filed with the SEC and became effective on February 6, 2025.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.