(Reuters) -Shares of Titan America rose 1.25% in their debut on the New York Stock Exchange, giving the Belgium-based cement producer a market capitalization of $2.99 billion.
The company’s shares opened at $16.2 apiece, compared with the IPO price of $16.
The cement producer, together with its parent company Titan Cement International, raised $384 million by selling 24 million shares in its initial public offering, within the targeted range it had marketed earlier.
Investor enthusiasm for new stock offerings has been buoyed by expectations of a more business-friendly regulatory climate under U.S. President Donald Trump, betting on a potential easing of restrictions that could spur a wave of fresh IPOs.
Swiss cement giant Holcim said last year it would spin off its North American business into a separate U.S.-listed entity, while German-listed Heidelberg Materials has also considered listing in the country.
Titan America supplies heavy building materials and services to resellers and construction contractors in the eastern region of the United States.
The company 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 Cement International will control 87% of the voting power after the IPO.
Citigroup and Goldman Sachs are the lead underwriters for the offering.
(Reporting by Atharva Singh and Pritam Biswas in Bengaluru; Editing by Krishna Chandra Eluri)
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