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Titan Cement International SA announced Friday that its Belgian subsidiary, Titan America SA, has priced its initial public offering of 24 million common shares to the public at $16 per share.
The IPO consists of 9 million new common shares to be issued and sold by Titan America and 15 million existing common shares to be sold by Titan Cement International SA.
Titan Cement International SA has granted the underwriters a 30-day option to purchase up to an additional 3.6 million common shares to cover over-allotments, if any, at the initial public offering price, less underwriting discounts and commissions.
Titan America’s common shares began trading on the New York Stock Exchange under the ticker symbol TTAM on Friday. The offering is expected to close on Monday.
Titan America expects to receive net proceeds of approximately $136.8 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 expects to receive net proceeds of approximately $228 million, after deducting underwriting discounts and commissions.