Cement producer Titan America submits IPO application for US stock market, aiming to raise $500 million
Cement producer Titan America has submitted an IPO application to the U.S. Securities and Exchange Commission, planning to raise $500 million. The company primarily operates on the East Coast of the United States, serving customers in Florida, New York, New Jersey, Virginia, North Carolina, and South Carolina, with over 100 facilities and an annual cement production of approximately 3.8 million tons. Titan America is headquartered in Belgium, with a history dating back to 1902. The projected revenue for 2024 is $1.6 billion, and it plans to list on the New York Stock Exchange under the ticker symbol TTAM
According to the Zhitong Finance APP, Titan America, the U.S. subsidiary of global cement producer Titan Cement, submitted an IPO application to the U.S. Securities and Exchange Commission (SEC) on Monday, expecting to raise up to $500 million.
Titan America is a leading vertically integrated, multi-regional manufacturer and supplier of heavy construction materials and services. The company primarily operates on the U.S. East Coast, serving customers in Florida, the New York and New Jersey metropolitan areas, Virginia, North Carolina, and South Carolina. Its manufacturing, logistics, and customer support capabilities cover key construction materials and products, including cement and supplementary cementitious materials, aggregates, ready-mixed concrete, concrete blocks, and other ancillary products.
Titan America has over 100 facilities in its core markets, including some of the largest cement plants, import terminals, quarries, ready-mixed concrete plants, fly ash processing plants, and concrete block production lines. Its cement plants have an annual production capacity of approximately 3.8 million tons of cement, supported by a mining business network with total reserves of 474 million tons as of May 1, 2024.
The company is headquartered in Brussels, Belgium, with a history dating back to 1902, and reported revenue of $1.6 billion for the 12 months ending September 30, 2024. The company plans to list on the New York Stock Exchange under the ticker symbol TTAM.
Titan America submitted its application confidentially on September 16, 2024. Citigroup, Goldman Sachs, Bank of America Securities, BNP Paribas, Jefferies, HSBC, Société Générale, and Stifel are the joint bookrunners for the transaction. The company did not disclose pricing terms