BUZZ-Cement producer Titan America valued at nearly $3 bln in lukewarm NYSE debut

Updates

Shares of cement producer Titan America TTAM.N rise as much as 2.2% in their New York Stock Exchange debut

Stock opens for trading at $16.20 vs $16 IPO price, giving it a market capitalization of $2.99 bln

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

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