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Investing.com -- Titan America, the U.S. subsidiary of Belgian cement producer Titan Cement International, has set its initial public offering (IPO) price at $16 per share, leaning toward the lower end of the anticipated range of $15 to $18. The pricing gives the company an initial market value of approximately $2.95 billion.
The company announced late Thursday that it is offering 24 million shares in the IPO. Titan America is selling nine million of these shares and anticipates net proceeds of around $136.8 million. The parent company, Titan Cement, is selling the remaining 15 million shares, expecting to garner net proceeds of approximately $228 million.
After the offering, Titan Cement will retain ownership of 87% of Titan America. This stake could reduce to 85% if the underwriters decide to exercise their option to purchase an additional 3.6 million shares from Titan Cement.
Shares of Titan America are scheduled to begin trading on the New York Stock Exchange under the symbol TTAM on Friday.
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