Titan America's IPO opens modestly higher than initial pricing
Investing.com -- Titan America, a subsidiary of Titan Cement International SA, commenced its initial public offering (IPO) today, with shares opening at $16.20, exceeding the IPO price of $16.00 per share. Shares began trading today on the NYSE under the ticker "TTAM".
The offering included 24,000,000 common shares, divided into 9,000,000 new common shares issued and sold by Titan America and 15,000,000 existing common shares sold by Titan Cement International SA. Titan Cement International SA also offered underwriters a 30-day option to purchase up to an additional 3,600,000 common shares to cover over-allotments, if any, at the IPO price, minus underwriting discounts and commissions.
Citigroup (NYSE: C ) and Goldman Sachs & Co (NYSE: GS ). LLC are serving as joint lead book-running managers for the IPO. Other bookrunners include BofA Securities, BNP Paribas (OTC: BNPQY ), Jefferies, HSBC, Societe Generale (OTC: SCGLY ), and Stifel.
Titan America, a business with annual sales of $1.6 billion, is a prominent vertically integrated player in the high-growth economic mega-regions of the U.S. East Coast. It has operations and leading market positions across Florida, the Mid-Atlantic, and Metro New York/New Jersey.
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