(Bloomberg) -- Titan America SA, the US unit of Titan Cement International SA, has filed for an initial public offering in New York, showing net income growth of 18%.

The European parent is offering new shares in the IPO and its controlling families are offering existing shares, according to a filing with the US Securities and Exchange Commission on Monday. Proposed terms for the listing will be disclosed in a later filing, when the underwriters are set to begin marketing the shares.

The unit had $129.5 million in net income on $1.24 billion of revenue for the nine months ended Sept. 30, compared with $110 million of net income on revenue of $1.19 billion in the corresponding period the year before, the filing shows.

Titan Cement was plans to sell a minority stake in Titan America through the IPO and raise at least $500 million at a valuation of more than $2 billion, Bloomberg News reported in September.

Shares of Titan Cement in Brussels have gained 78% over the past year, giving it a market value of about €3.1 billion ($3.2 billion).

Several European firms are exploring listings in New York for their US units, attracted by the deeper capital markets, higher valuations and a broader investor pool. Much larger Swiss cement firm Holcim Ltd. is spinning off its North American business to focus on rapid growth in the US, and plans to list the shares in Switzerland and New York.

Titan America’s share sale is being led by $Citigroup Inc(C-N)$. and Goldman Sachs Group Inc., its filing shows. The company expects to begin trading on the New York Stock Exchange under the symbol TTAM.

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