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(Bloomberg) -- 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.

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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 net income on $1.24 billion of revenue for the nine months ended Sept. 30, compared with $110 million of net income on revenue of $1.19 billion in the corresponding period the year before, the filing shows.

Shares of Titan Cement in Brussels have soared 79% over the past year, giving it a market value of about €3.48 billion ($3.61 billion).

Titan Cement traces the beginning of its US unit to a 1989 investment in the Essex Cement import terminal in New York, the filings show. Titan America derived 61% of its revenue in 2023 from its Florida segment, where it operates facilities including a cement plant, three mines and a multi-product marine import terminal.

Several European firms are exploring listings in New York for their US units, attracted by the deeper capital markets, higher valuations and a broader investor pool. Much larger Swiss cement firm Holcim Ltd. is spinning off its North American business to focus on rapid growth in the US, and plans to list the shares in Switzerland and New York.

Titan America’s share sale is being led by Citigroup Inc. and Goldman Sachs Group Inc. The company expects to begin trading Friday on the New York Stock Exchange under the symbol TTAM.

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