Titan Cement International SA announced today that its US subsidiary, Titan America SA, has filed a registration statement with the US Securities and Exchange Commission (SEC) for an initial public offering (IPO) on the New York Stock Exchange.
The IPO is expected to include both a primary offering of new shares by Titan America and a secondary sale of shares by Titan Cement International.
Titan America, with sales of $1.6 billion, is a leading cement and building materials producer in the US, operating in key East Coast markets including Florida, the Mid-Atlantic, and the New York/New Jersey metropolitan area.
The company is seeking a listing on the New York Stock Exchange under the ticker symbol "TTAM."
Citigroup and Goldman Sachs & Co. LLC are acting as lead coordinators for the proposed offering, with several other banks serving as managers.
The IPO is subject to market conditions, and there is no guarantee regarding the timing, size, or final terms of the offering.
The offering will be made only by means of a prospectus filed with the SEC.
This move by Titan Cement International marks a significant step in the company's strategy to expand its presence in the US market and unlock value for its shareholders.
The IPO is expected to provide Titan America with additional capital to fuel its growth and strengthen its position in the US building materials industry.