Cement producer Titan America seeks up to $3.3 billion valuation in US IPO
(Reuters) - Titan America is seeking a valuation of up to $3.32 billion in its New York initial public offering, the Belgium-based cement producer said on Tuesday.
The IPO comes as European companies increasingly look to list their U.S. units in New York in search of deeper capital markets, higher valuations, and a wider investor base.
Titan Cement International last year announced its intention to carve-out its U.S. business and list the unit in New York in early 2025 to raise funds for growth.
The unit is offering 9 million shares, while parent Titan Cement is selling 15 million shares priced between $15 and $18 each to raise up to $432 million.
Citigroup and Goldman Sachs are the lead underwriters for the offering.
Titan America will list on the New York Stock Exchange under the symbol "TTAM."
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