Cement producer Titan America raises $384 million in US IPO

Adds details and background throughout

Feb 6 (Reuters) - Titan America TTAM.N has raised $384 million after pricing its U.S. initial public offering at $16 per share, within its targeted range, the cement producer said on Thursday.

Sentiment in the U.S. IPO market has improved on expectations of lower corporate taxes and a more business-friendly regulatory environment under the Donald Trump administration.

However, the underwhelming market debuts of Venture Global VG.N and Smithfield Foods SFD.O highlight that investors remain cautious.

Titan America sold 9 million shares, together with 15 million shares its Belgium-based parent company Titan Cement International TITC.BR offered at $16 apiece. The company had marketed to list its shares in a range of $15-$18 apiece.

European companies have often sought listings in New York, which offers deeper pools of capital, a wider investor base and potentially higher valuations.

The IPO valued the cement producer at $2.95 billion, ahead of its New York Stock Exchange debut.

Titan America's common shares are expected to begin trading on the New York Stock Exchange under the ticker symbol "TTAM" on February 7.

European cement makers described U.S. market as a place to grow aggressively, that could offer companies an opportunity to capitalize on the region's infrastructure and construction boom, as well as capture higher valuation.

Swiss cement giant Holcim HOLN.S said last year it would spin off its North American business into a separate U.S.-listed entity, while German-listed Heidelberg Materials HEIG.DE 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.

Citigroup and Goldman Sachs are the lead underwriters for the offering.

Titan Cement will control 87% of the voting power after the IPO.