Titan America Seeks $3.32 Billion Valuation in NY Listing
As the initial public offering (IPO) market gains momentum, Belgium-based Titan America is aiming to capitalize on the trend with a valuation of up to $3.32 billion in its New York listing. This move comes as European companies increasingly seek to list their U.S. units in New York, attracted by the deeper capital markets, wider investor base, and higher valuations.
A Shift in Sentiment
The election of President Donald Trump has brought about a perceived shift in sentiment, with many believing his administration will be more business-friendly. This optimism is reflected in the strong IPO market, which has seen a surge in listings this year. According to Renaissance Capital equity analyst Riley Mullin, “There is a clear sense of this administration being accommodative to business activity, which may already be starting to play a role in the strong IPO market.”
Titan America’s Offering
Titan America, a leading supplier of heavy building materials and services to resellers and construction contractors in the Eastern United States, is offering 9 million shares, while its parent company, Titan Cement International, is selling 15 million shares priced between $15 and $18 each. This could raise up to $432 million for the company.
A Growing Trend
Titan America is not alone in its decision to list in New York. Swiss cement giant Holcim has also announced plans to separate its North American business and list it in New York. This trend is expected to continue, with many European companies seeking to tap into the deeper capital markets and wider investor base offered by the U.S.
Financial Performance
Titan America has reported strong financial performance, with a net income of $129.5 million on revenue of $1.24 billion in the nine months ended September 30. This represents a significant increase from the previous year, when the company reported a net income of $109.8 million on revenue of $1.19 billion.
Listing Details
Titan America will be listed on the New York Stock Exchange under the symbol “TTAM.” Citigroup and Goldman Sachs are the lead underwriters for the offering. After the IPO, Titan Cement will control 87% of the voting power.
Leave a Reply