Cement producer Titan America valued at nearly $3 bln in lukewarm NYSE debut

Titan SA

07/02/2025 16:54

(Updates)
    ** Shares of cement producer Titan America  TTAM.N  rise as
much as 2.2% in their New York Stock Exchange debut 
    ** Stock opens for trading at $16.20 vs $16 IPO price,
giving it a market capitalization of $2.99 bln
    ** TTAM, along with its parent Titan Cement International
 TITC.BR , raised $384 mln by selling 24 mln shares within the
marketed range of $15 to $18 
    ** Listing comes as a wave of companies look to go public in
New York before the IPO market hits the seasonal February lull
    ** Q3 financial statements go stale, or become too old to be
used in a prospectus, on Feb. 14, needing issuers to finalize
audited year-end numbers before they can go public
    ** TTAM supplies heavy building materials and services in
the eastern region of the United States
    ** Citigroup and Goldman Sachs were the lead underwriters 
    ** TTAM plans to use the IPO proceeds for capex expenditures
and other purposes, including technology investments and
potential acquisitions 

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))