(Reuters) -Belgium-based Titan America is seeking a valuation of up to $3.32 billion in its New York listing, as the initial public offering market picks up steam on hopes of a more business-friendly environment under President Donald Trump.
European companies are increasingly looking to list their U.S. units in New York in search of deeper capital markets, a wider investor base, and higher valuations.
Titan Cement International, parent of Titan America, last year announced its intention to list the unit in New York in early 2025.
The unit is offering 9 million shares, while parent Titan Cement is selling 15 million shares priced between $15 and $18 each to raise up to $432 million.
Swiss cement giant Holcim last year also announced plans to separate its North American business and list it in New York.
“There is a clear sense of this (Trump) administration being accommodative to business activity that may already be starting to play a role in the strong IPO market to start the year,” said Renaissance Capital equity analyst Riley Mullin.
“January has been a strong start to the year, while February looks like it will continue the momentum with another eleven $100+ million deals having filed with SEC in the past month”.
Titan America supplies heavy building materials and services to resellers and construction contractors in the Eastern region of the United States.
The unit recorded a net income of $129.5 million on revenue of $1.24 billion in the nine months ended Sept. 30, compared with a net income of $109.8 million on revenue of $1.19 billion a year earlier.
Titan America will be listed on the New York Stock Exchange under symbol “TTAM.”
Citigroup and Goldman Sachs are the lead underwriters for the offering.
Titan Cement will control 87% of the voting power after the IPO.
(Reporting by Arasu Kannagi Basil and Pritam Biswas in Bengaluru; Editing by Shinjini Ganguli)
