Titan America (TTAM) said Monday it has closed its initial public offering of 24 million common shares at $16 per share.
The company said it has issued and sold 9 million shares in the IPO and received net proceeds of about $136.8 million, which will be used for capital expenditures and other general corporate purposes.
The remaining 15 million shares were sold by the company's parent, Titan Cement International, which received about $228 million in net proceeds, Titan America said.
Titan Cement International owns 87% of Titan America's outstanding shares as of the closing of the IPO, Titan America said.
The company's shares were up 2.6% in recent trading.
Price: 17.14, Change: +0.44, Percent Change: +2.60
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