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Cement production carve-out Titan America files for an estimated $500 million IPO

January 13, 2025
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Titan America, the US business of global cement producer Titan Cement, filed on Monday with the SEC for an initial public offering that could raise up to an estimated $500 million.

Titan America is a leading vertically integrated, multi-regional manufacturer and supplier of heavy building materials and services. The company operates primarily on the Eastern Seaboard of the US, serving customers in Florida, the New York and New Jersey Metropolitan area, Virginia, North Carolina, and South Carolina. Its manufacturing, logistics, and customer support capabilities span across critical building materials and products, including cement and supplementary cementitious materials, aggregates, ready-mix concrete, concrete block and other ancillary products. Titan America's network of 100+ facilities includes some of the largest cement plants, import terminals, mines, ready-mix concrete plants, fly ash processing plants, and concrete block production lines in its core markets. Its cement plants are capable of producing approximately 3.8 million tons of cement annually, and its cement manufacturing activities are supported by a network of mining operations containing a total of 474 million tons of reserves as of May 1, 2024.

With headquarters listed as Brussels, Belgium, the company traces its roots to 1902 and booked $1.6 billion in revenue for the 12 months ended September 30, 2024. It plans to list on the NYSE under the symbol TTAM. Titan America filed confidentially on September 16, 2024. Citi, Goldman Sachs, BofA Securities, BNP Paribas, Jefferies, HSBC, Societe Generale, and Stifel are the joint bookrunners on the deal. No pricing terms were disclosed.