Cement Maker Titan’s IPO for US Unit Raises $384 Million

Titan America SA and its owner Titan Cement International SA raised $384 million in an initial public offering, pricing its shares within a marketed range.

The US unit and its shareholder sold 24 million shares Thursday at $16 each after marketing them for $15 to $18 apiece, according to a statement. Titan America offered 9 million shares and Titan Cement sold 15 million shares.

At the IPO price, Titan America has a market value of $2.95 billion based on the outstanding shares listed in its filings with the US Securities and Exchange Commission.

The unit had $129.5 million in ...