Titan America Sets IPO Price for Innovative Future Growth
Titan America Announces Initial Public Offering Pricing
Titan America SA, a subsidiary of Titan Cement International SA, recently announced the pricing of its inaugural initial public offering (IPO). The IPO includes 24 million common shares, priced at $16.00 per share. Specifically, this offering consists of 9 million newly issued shares, alongside 15 million existing shares sold by Titan Cement International SA. The company has granted underwriters a 30-day option to purchase an additional 3.6 million shares to account for any over-allotments, based on the initial public offering price, excluding any discounts and commissions.
Financial Expectations and Use of Proceeds
Upon completion of the IPO, Titan America anticipates net proceeds of approximately $136.8 million after accounting for underwriting costs. These funds will be dedicated to capital expenditures, supporting investments in innovative technologies, and executing the company's growth strategies. Additionally, Titan America plans to pursue strategic acquisitions to enhance its business operations.
Titan Cement's Shareholdings
The parent company, Titan Cement International SA, is projected to hold around 160,362,465 common shares of Titan America post-IPO, translating to an 87% ownership stake in the company. If the underwriters fully exercise their option for over-allotment shares, Titan Cement’s stake would adjust to approximately 85% with 156,762,465 shares.
Role of Underwriters and Bookrunners
For this IPO, Citigroup and Goldman Sachs & Co. LLC are collaborating as the joint lead book-running managers. Additionally, BofA Securities, BNP Paribas, Jefferies, HSBC, Societe Generale, and Stifel are acting as bookrunners, contributing significant expertise to the offering's execution.
Regulatory Filings and Prospectus Information
A preliminary prospectus has already been filed with the relevant regulatory bodies and is accessible online. This document will provide potential investors with comprehensive insights about the offering and the business strategy moving forward. Once finalized, the final prospectus will also be submitted for review.
About Titan America SA
Titan America stands out as a major player in the U.S. construction and building materials industry, boasting annual sales of approximately $1.6 billion. The company’s strong market presence spans across key regions in the U.S. East Coast, including Florida and the Mid-Atlantic states. With a commitment to driving growth and engaging in sustainable practices, Titan America is well-positioned for a prosperous future.
About Titan Cement International SA
Titan Cement International SA operates as a leading firm in the building and infrastructure materials arena, generating annual sales of about €2.6 billion. The organization has a robust presence in developed markets and employs over 5,700 individuals across 25 countries. It is dedicated to developing innovative solutions and holds a prominent standing in several global markets, further solidifying its reputation.
Frequently Asked Questions
What is the share price for Titan America's IPO?
The pricing for Titan America's IPO has been set at $16.00 per share.
How many shares are being offered in the IPO?
Titan America's IPO features a total of 24 million common shares, with 9 million new shares and 15 million existing shares.
What will Titan America do with the IPO proceeds?
Proceeds from the IPO are expected to be utilized for capital expenditures, investment in technology, growth strategies, and potential acquisitions.
Who are the underwriters for Titan America’s IPO?
Citigroup and Goldman Sachs & Co. LLC are the joint lead book-running managers for the IPO.
What is Titan America’s market strategy?
Titan America aims to enhance its business through innovative solutions and strategic growth initiatives, solidifying its market presence further.
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