Titan Cement Titan America Shares Priced At $16.0; Net Proceeds Of $364.8m
Titan Cement International (TCI) announced that shares of Titan America SA (NYSE Ticker = TTAM) have been priced at $16.0 for its IPO offering that will begin today and is expected to be closed 10th Feb 2025, subject to the satisfaction of customary closing conditions. Post transaction, Titan America expects to receive net proceeds of $136.8m and TCI expects to receive net proceeds of $228.0m, amounting to a total net proceeds of $364.8m. The net proceeds will be used for CAPEX and other general corporate purposes, including to fund investments in technologies and Titan America's growth strategies and to pursue strategic acquisitions that complement Titan America's business. We await TCI's FY24 results and management's guidance on what impact exp. CAPEX and acquisitions will have on the group over the short to medium-term. Until then, we maintain our HOLD rating and €45.0 TP.Titan Cement International SA is a Belgium-based international cement and building material producer. The Company's activities include the production, transportation, and distribution of cement, concrete, aggregates, fly ash, mortars and other building materials. The Company reports its activities into four geographical business segments: Greece and Western Europe, North America, South East Europe and Eastern Mediterranean. Apart from the transportation and distribution, the Company also transfers its know-how through collaborations with customers, business partners, local communities and Academia.
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