Titan plans to raise at least $500 million by listing a minority stake in Titan America on the New York Stock Exchange, according to sources cited by Bloomberg.

Titan has appointed Citigroup and Goldman Sachs to list its U.S. unit on the exchange.

The IPO, which will take place next year, is targeting a valuation of more than $2 billion. So far, no decision has been made on the percentage of the company to be sold, according to the same sources.

Titan America reported sales of $1.6 billion in 2023, with EBITDA of $319 million. The unit was responsible for nearly 60% of Titan's total sales for the year.

Titan's stock has gained nearly 80% in the past year, giving the company a market capitalization of about 2.5 billion.