Titan America 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.

Titan America, the U.S. subsidiary of Belgian cement producer Titan Cement International, has set its initial public offering (IPO) price at $16 per share, leaning toward the lower end of the anticipated range of $15 to $18.

Titan America (TTAM), a subsidiary of Titan Cement International and parent company of its U.S. operations, priced its IPO of 24M shares at a price to the public of $16.00 per share. The IPO consists of 9M new common shares to be issued and sold by Titan America and 15M existing shares to be sold by Titan Cement International SA.

Titan America expects to receive net proceeds of approximately $136,800,000, after deducting underwriting discounts and commissions, which will be used for capital expenditures and other general corporate purposes,