At least five times the demand for Titan America's initial public offering (IPO) on the New York Stock Exchange was reportedly oversubscribed, with the offering book closing today.

 

According to what the group has announced, the IPO consists of 9 million new shares to be issued and sold by Titan America and 15 million existing shares to be sold by Titan Cement International.

 

The parent expects to grant the underwriters a 30-day option to purchase an additional 3.6 million shares in the event of oversubscription. Therefore, a total of 27.6 million shares are expected to be allotted.

 

The proposed price per share is expected to be between USD 15 and USD 18, i.e. a valuation of up to EUR 3,3 billion. The offer price is reportedly estimated at around USD 16,5 to 17 per share.