Updates

** Shares of cement producer Titan America TTAM.N rise as much as 2.2% in their New York Stock Exchange debut

** Stock opens for trading at $16.20 vs $16 IPO price, giving it a market capitalization of $2.99 bln

** TTAM, along with its parent Titan Cement International TITC.BR, raised $384 mln by selling 24 mln shares within the marketed range of $15 to $18

** Listing comes as a wave of companies look to go public in New York before the IPO market hits the seasonal February lull

** Q3 financial statements go stale, or become too old to be used in a prospectus, on Feb. 14, needing issuers to finalize audited year-end numbers before they can go public

** TTAM supplies heavy building materials and services in the eastern region of the United States

** Citigroup and Goldman Sachs were the lead underwriters

** TTAM plans to use the IPO proceeds for capex expenditures and other purposes, including technology investments and potential acquisitions

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))