Titan America (TTAM)priced its IPO at $16.00 – matching the price talk and below the mid-point of its $15.00-to-$18.00 range – and sold 24.0 million shares – the number in the prospectus – to raise $384.0 million on Thursday night, Feb. 6, 2025. At pricing, Titan America had a market cap of about $2.95 billion.
The U.S. cement producer’s IPO is a carve-out from its Belgian parent, Titan Cement International, which sold 15.0 million shares – or 62.5 percent – of the stock in the IPO. Titan America offered only 9.0 million shares in the IPO, raising about $144 million. The company will notreceive any money from the sale of the selling shareholder’s stock.
Shares of Titan America (TTAM) are expected to start trading today – Friday, Feb. 7, 2025, on the New York Stock Exchange.
Citigroup, Goldman Sachs, BofA Securities, BNP Paribas, Jefferies, HSBC, Societe Generale and Stifel were the joint book-runners.
Titan America is based in Belgium with its U.S. headquarters in Norfolk, Virginia. The profitable company is a large U.S. cement and concrete producer active in the Eastern Seaboard region, according to the prospectus.
This IPO had “dividend appeal.” Titan America intends to pay a modest dividend of 4 cents per share on a quarterly basis or 16 cents a share on an annualized basis.
IPO investors liked the company’s profitability and its dividend plans. For the 12 months that ended Sept. 30, 2024, Titan America had net income of $174.99 million on revenue of $1.64 billion.
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