(Reuters) – Titan America is searching for a valuation of as much as $3.32 billion in its New York preliminary public providing, the Belgium-based cement producer mentioned on Tuesday.
The IPO comes as European firms more and more look to record their U.S. models in New York in the hunt for deeper capital markets, increased valuations, and a wider investor base.
Titan Cement Worldwide final yr introduced its intention to carve-out its U.S. enterprise and record the unit in New York in early 2025 to lift funds for progress.
The unit is providing 9 million shares, whereas dad or mum Titan Cement is promoting 15 million shares priced between $15 and $18 every to lift as much as $432 million.
Citigroup and Goldman Sachs are the lead underwriters for the providing.
Titan America will record on the New York Inventory Change underneath the image “TTAM.”
(Reporting by Arasu Kannagi Basil in Bengaluru; Modifying by Shinjini Ganguli)
