Titan Cement International SA (NYSE:TTAM) reported that its Titan America subsidiary and parent company of its U.S. operations, today closed its initial public offering of 24,000,000 common shares at a price to the public of $16.00 per share. The IPO consists of 9,000,000 new common shares issued and sold by Titan America and 15,000,000 existing common shares sold by Titan Cement International SA. Titan America’s common shares began trading on the New York Stock Exchange under the ticker symbol “TTAM” on February 7.
Titan America received net proceeds of approximately $136,800,000 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 received net proceeds of approximately $228,000,000, after deducting underwriting discounts and commissions.
As of the closing of the IPO, Titan Cement International SA owns 160,362,465 common shares of Titan America, representing 87% of the total outstanding common shares.
TTAM shares gained 31 cents, or 2.1%, to $17.01.
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