Titan Cement picks banks for IPO of U.S. unit, Bloomberg reports

Titan Cement International (TTCIF) has selected Citigroup (C) and Goldman Sachs (GS) to help arrange the planned listing of its U.S. business next year, according to people familiar with the matter, Bloomberg’s Aaron Kirchfeld, Dinesh Nair, and Swetha Gopinath report. The company hired the banks to prepare Titan America for an initial public offering in New York, the people said. Titan Cement plans to sell a minority stake through the IPO and raise at least $500M, the people said. The controlling families are seeking a valuation of more than $2B in a potential listing, the people added.