Titan America, the US business of global cement producer Titan Cement, raised $384 million by offering 24 million shares (63% secondary) at $16, within the range of $15 to $18.
Titan America is a leading vertically integrated, multi-regional manufacturer and supplier of heavy building materials and services. The company operates primarily on the Eastern Seaboard of the US, serving customers in Florida, the New York and New Jersey Metropolitan area, Virginia, North Carolina, and South Carolina. Its manufacturing, logistics, and customer support capabilities span across critical building materials and products, including cement and supplementary cementitious materials, aggregates, ready-mix concrete, concrete block and other ancillary products. Titan America's network of 100+ facilities includes some of the largest cement plants, import terminals, mines, ready-mix concrete plants, fly ash processing plants, and concrete block production lines in its core markets. Its cement plants are capable of producing approximately 3.8 million tons of cement annually, and its cement manufacturing activities are supported by a network of mining operations containing a total of 474 million tons of reserves as of May 1, 2024.
Titan America plans to list on the NYSE under the symbol TTAM. Citi, Goldman Sachs, BofA Securities, BNP Paribas, Jefferies, HSBC, Societe Generale, and Stifel acted as joint bookrunners on the deal.
