11:56 AM EST, 02/10/2025 (MT Newswires) -- Titan America ( TTAM ) said Monday it has closed its initial public offering of 24 million common shares at $16 per share.

The company said it has issued and sold 9 million shares in the IPO and received net proceeds of about $136.8 million, which will be used for capital expenditures and other general corporate purposes.

The remaining 15 million shares were sold by the company's parent, Titan Cement International, which received about $228 million in net proceeds, Titan America ( TTAM ) said.

Titan Cement International owns 87% of Titan America's ( TTAM ) outstanding shares as of the closing of the IPO, Titan America ( TTAM ) said.

The company's shares were up 2.6% in recent trading.

Price: 17.14, Change: +0.44, Percent Change: +2.60