Cement producer Titan America raises $384 million in US IPO (updated)

Smithfield Foods

07/02/2025 02:19

(Updates with details in paragraphs 2-5)
       Feb 6 (Reuters) - Titan America  TTAM.N  has raised $384
million after pricing its U.S. initial public offering at $16
per share, within its targeted range, the cement producer said
on Thursday.
    Sentiment in the IPO market has improved on expectations of
lower corporate taxes and a more business-friendly regulatory
environment under the Donald Trump administration.
    However, the underwhelming market debuts of Venture Global
 VG.N  and Smithfield Foods  SFD.O  highlight that investors
remain cautious.
    Titan America sold 9 million shares, together with 15
million shares its parent Titan Cement International  TITC.BR 
offered at $16 apiece. The company had marketed to list its
shares in a range of $15 to $18 apiece.
    The IPO valued the cement producer at $2.95 billion, ahead
of its New York Stock Exchange debut.
    Titan America's common shares are expected to begin trading
on the New York Stock Exchange under the ticker symbol "TTAM" on
February 7.

 (Reporting by Prakhar Srivastava, Jaiveer Shekhawat and Shivani
Tanna in Bengaluru; Editing by Rashmi Aich and Subhranshu Sahu)
 ((Prakhar.srivastava2@thomsonreuters.com;))