Titan America SA (TTAM Proposed), the leading manufacturer and supplier of cement, concrete and other heavy building materials serving the metro New York area and the U.S. Eastern Seaboard, disclosed the terms for its $396 million IPO – 24.0 million shares at a price range of $15.00 to $18.00 – in an F-1/A filing early today – Tuesday, Jan. 28, 2025. If the IPO is priced at the $16.50 mid-point of its range, Titan America would have a market cap of about $3.0 billion. The IPO is set to price next week. This is a New York Stock Exchange listing.
Titan America is offering only 9.0 million shares in the IPO while its parent, Titan Cement International SA, the selling shareholder, is offering 15.0 million shares. Titan America will not receive any of the proceeds from the sale of the selling shareholder’s stock.
Citigroup and Goldman Sachs are the joint book-running managers. The six book-runners are BofA Securities, Banque Paribas, Jefferies, HSBC, Societe Generale and Stifel.
Bankers plan to price Titan America’s IPO next Thursday night – on Feb. 6, 2025 – to trade Friday, Feb. 7 – on the NYSE.
Titan America SA, based in Brussels, Belgium, has its U.S. headquarters in Norfolk, Virginia.
“We are a leading provider of heavy building materials in Florida, the New York and New Jersey Metropolitan area (“Metro New York”), Virginia, North Carolina and South Carolina (Virginia and the Carolinas, together with Metro New York and their adjacent areas, the “Mid-Atlantic”). We serve markets that benefit from population growth, economic growth and technology and innovation trends that are among the strongest in the United States,” Titan America said in the prospectus.
The company is profitable. Titan America reported net income of about $174.99 million on revenue of $1.64 billion for the 12 months that ended Sept. 30, 2024, according to financial statements in the prospectus.
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