BUZZ-Titan America likely to open up to 13% above offer price in NYSE debut

Shares of cement producer Titan America TTAM.N set to open up to 12.5% above their offer price in their New York Stock Exchange debut

Stock indicated to open in the range of $16 to $18 vs $16 IPO price

TTAM, along with its parent Titan Cement International TITC.BR, raised $384 mln by selling 24 mln shares within the marketed range of $15 to $18

At the IPO price, TTAM was valued at $2.95 bln

Listing comes as a wave of companies look to go public in New York before the IPO market hits the seasonal February lull

Q3 financial statements go stale, or become too old to be used in a prospectus, on Feb. 14, needing issuers to finalize audited year-end numbers before they can go public

TTAM supplies heavy building materials and services in the eastern region of the United States

Citigroup and Goldman Sachs were the lead underwriters

TTAM plans to use the IPO proceeds for capex expenditures and other purposes, including technology investments and potential acquisitions