Titan Cement International exceeded a $16 per share target for an initial public offering of newly designated subsidiary Titan America SA, the company stated. Shares opened at $16.20 for the February 7 New York Stock Exchange trading session and were part of a 24 million-share pool outlined in an investor prospectus.
Titan Cement anticipates the IPO will net upwards of $228 million for parent company investors and $136 million for Titan America, where the capital can fund technology or growth investments and strategic acquisition pursuits. The IPO share pool represents a 13% stake in Titan America, Titan Cement holding the remainder.
As Titan America LLC successor, Titan America SA maintains Norfolk, Va. headquarters and encompass Florida and Mid-Atlantic reportable segments respectively representing about 60% and 40% of 2024 revenues totaling $1.6 billion. The Florida Segment spans the flagship Pennsuco cement plant in Medley plus seven rail or import terminals, including a new Port of Tampa facility; three aggregate mines; 45 ready mixed batch plants on 40 sites; 13 concrete block production lines at eight sites; and, two fly ash facilities. The Mid-Atlantic Segment spans the Roanoke Cement plant in Troutville and seven integrated rail or import terminals, plus the Essex Cement import terminal at the Port of Newark, N.J.; four aggregate mines; 47 ready mixed batch plants at 42 sites; and, five fly ash facilities. A former Titan America LLC subsidiary specializing in fly ash processing and beneficiation, ST Equipment & Technology, has been transferred to a Titan Cement Netherlands subsidiary.
Titan America shares will trade alongside NYSE peer operators Arcosa Inc., CRH Plc, Eagle Materials Co., Knife River Corp., Martin Marietta Materials and Vulcan Materials Co. – all subject to Wall Street and U.S Securities and Exchange Commission reporting rules and regulations. The NYSE is set for a second 2025 listing by a European cement, aggregate and concrete operator as Holcim Ltd. prepares to spin off the Holcim North America business, its shares trading separately on Wall Street. The shares of another NYSE peer, Summit Materials, will be delisted upon the producer’s impending takeover by privately held Quikrete Holdings.
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