Titan America (TTAM) said late Thursday it priced an initial public offering of 24 million shares of common stock at $16 per share.
The offering consists of 9 million common shares from the company and 15 million shares from its parent company, Titan Cement International.
The underwriters have been granted by Titan Cement International a 30-day option to purchase up to 3.6 million additional shares to cover over-allotments.
The company intends to use its portion of the net proceeds, estimated to be about $136.8 million, for capital expenditures and general corporate purposes.
Closing of the offering is expected to occur on Feb. 10, subject to customary closing conditions.
Shares are expected to debut on the New York Stock Exchange on Feb. 7 under the ticker "TTAM".
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