Titan Cement International announced on Tuesday that its Belgian subsidiary, Titan America, parent of its US operations, has launched a roadshow for an initial public offering (IPO) of 24,000,000 common shares.
The IPO consists of 9,000,000 new common shares to be issued and sold by Titan America and 15,000,000 existing common shares to be sold by Titan Cement International. Titan Cement International expects to grant the underwriters a 30-day option to purchase an additional 3,600,000 common shares to cover over-allotments, if any.
The IPO is currently expected to price between 15 dollars and 18 dollars per share. Titan America has applied to list its common shares on the New York Stock Exchange under the ticker symbol “ TTAM.” After the completion of the IPO, Titan Cement International is expected to own 160,362,465 common shares of Titan America, representing 87% of the total outstanding common shares.
Citigroup and Goldman Sachs & Co. LLC (in alphabetical order) are acting as joint lead book-running managers for the IPO. BofA Securities, BNP Paribas, Jefferies, HSBC, Societe Generale and Stifel are acting as bookrunners for the proposed offering.
The offering will be made only by means of a prospectus under the United States Securities Act of 1933, as amended.
A registration statement relating to these securities was filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective.
