Titan America Launches Initial Public Offering Roadshow
Titan America Begins Roadshow for Initial Public Offering
Titan America SA, the American arm of Titan Cement International SA, has embarked on an ambitious journey to make a significant stride in the investment landscape with its initial public offering (IPO). Launching a roadshow, Titan America plans to issue 24 million common shares, which includes both new and existing shares. This strategic move aims to raise substantial capital for future growth and expansion.
Details of the Initial Public Offering
The initial public offering will consist of 9 million newly issued shares, while Titan Cement International SA will sell 15 million existing shares. To ensure a smooth process, Titan Cement International SA is anticipated to provide underwriters with a 30-day option to purchase an additional 3.6 million shares, catering to any potential over-allotments. With pricing expectations set between $15 and $18 per share, Titan America is gearing up for a noteworthy launch on the New York Stock Exchange under the ticker symbol 'TTAM.'
Ownership Structure Post-IPO
Upon the successful completion of the IPO, Titan Cement International SA is projected to retain a substantial stake in Titan America. The company will hold approximately 160,362,465 common shares, which equates to 87% of the total outstanding shares. In the event that the underwriters utilize their full over-allotment option, this stake will slightly reduce to 85%.
Leadership and Management Team
Leading this pivotal IPO are the esteemed financial institutions Citigroup and Goldman Sachs & Co. LLC, who will serve as joint lead book-running managers. In addition, several notable banks, including BofA Securities, BNP Paribas, Jefferies, HSBC, Societe Generale, and Stifel, will assist as bookrunners in orchestrating this offering, indicating strong financial backing for Titan America.
Future Projections and Market Strategy
Titan America operates under the advantageous umbrella of one of the largest international cement groups, which significantly bolsters its market position. With its extensive network across high-growth areas of the U.S. East Coast, Titan America is strategically positioned to capitalize on burgeoning economic opportunities in the construction and infrastructure sectors.
About Titan America SA
Founded on solid foundations, Titan America plays an important role in the building materials sector, boasting annual sales of approximately $1.6 billion. Its operations dominate across key markets including Florida, the Mid-Atlantic region, and Metro New York/New Jersey, representing Titan's commitment to being a leading and innovative player in the construction industry.
About Titan Cement International SA
Titan Cement International SA is an exemplary leader in building materials worldwide, generating around €2.6 billion in annual sales. The group prides itself on its dedicated workforce of over 5,700 professionals and its footprint across 25 countries, including pivotal markets in the U.S., Europe, and a joint venture in Brazil. Titan Cement is known for its innovative contributions to the industry and its commitment to sustainable practices.
Frequently Asked Questions
What is Titan America's IPO about?
Titan America is launching an initial public offering to issue 24 million common shares, with a price range between $15 and $18 per share.
What role does Titan Cement International play in this IPO?
Titan Cement International SA, the parent company, is selling 15 million existing shares and will remain a principal shareholder post-IPO.
Who are the financial institutions involved in the IPO?
Citi and Goldman Sachs & Co. LLC are the lead book-running managers, working alongside several other renowned banks.
What is the ticker symbol for Titan America's shares?
The ticker symbol for Titan America on the New York Stock Exchange will be 'TTAM.'
How much of Titan America will Titan Cement own after the IPO?
Post-IPO, Titan Cement International SA is projected to own approximately 87% of Titan America's outstanding common shares.
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