MW Profitable cement company Titan America touts Florida, Mid-Atlantic reach in IPO

By Steve Gelsi

Titan America's IPO raises $384 million by pricing toward the low end of its range

Cement and building-products maker Titan America generated a small gain Friday in its stock-market debut on Friday, as it touted a track record of net income and double-digit annual revenue growth.

Titan America's stock (TTAM) opened at $16.25 a share and recently changed hands at $16.05 a share for a 0.3% rise over its IPO price of $16 a share.

Titan America priced 24 million shares at $16 a share - toward the lower end of its estimated price range of $15 to $18 a share - to raise $384 million with underwriters Citigroup and Goldman Sachs.

At $16 a share, its market capitalization is about $3 billion, or less than twice its 2023 full-year revenue of $1.6 billion.

The company offered a track record of 11% annual revenue growth a year dating back to 2013, as it focuses on rapidly growing subsectors in the U.S. economy in Florida and the mid-Atlantic region.

"We believe that we are in a strong position to drive meaningful growth and enhanced profitability into the future," the company said in its IPO prospectus.

Titan America SA is a unit of Titan Cement International SA $(TTCIF)$ (GR:TITC) (BE:TITC), which is based in Belgium.

Of the 24 million shares in the IPO, 9 million common shares were sold by Titan America, while 15 million were sold by parent company Titan Cement International SA. Its parent company will retain an 87% share of the U.S. subsidiary after it goes public.

Titan America reported net income of $155.2 million and $1.6 billion of revenue in 2023.

For the nine months ending Sept. 30, the company generated income of $129.5 million and $1.2 billion in revenue.

The company has no direct connection with software company ServiceTitan Inc. (TTAN), which went public on Dec. 12.

-Steve Gelsi

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February 07, 2025 12:06 ET (17:06 GMT)

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