Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Titan America SA has kicked off 2026 with a strategic move aimed at deepening its foothold in the Mid-Atlantic construction materials market.</li><li>The company recently announced an agreement to acquire Keystone Cement Company—a Pennsylvania-based cement and aggregates producer—for $310 million from a consortium including Fortaleza, Uniland, and Tritadura.</li><li>The transaction, which is expected to be funded through a mix of internal cash and financing, brings with it a highly efficient cement kiln in the Lehigh Valley and mineral reserves capable of supporting over 50 years of production.</li></ul>

Titan America SA has kicked off 2026 with a strategic move aimed at deepening its foothold in the Mid-Atlantic construction materials market.The company recently announced an agreement to acquire Keystone Cement Company—a Pennsylvania-based cement and aggregates producer—for $310 million from a consortium including Fortaleza, Uniland, and Tritadura.The transaction, which is expected to be funded through a mix of internal cash and financing, brings with it a highly efficient cement kiln in the Lehigh Valley and mineral reserves capable of supporting over 50 years of production.

Titan America’s $310M Keystone Bet: Can It Cement Mid-Atlantic Dominance?

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>Titan America priced 24 million shares at $16.00 per share and saw an opening print of $16.20.</li>
<li>TTAM began a slow descent, bottoming at $10.80 in early April—a near 33% loss from its IPO price.</li>
<li>Value investors found favor in the secular tailwinds of US infrastructure following the IPO roadshow but that support faded as the months wore on.</li>
</ul>


Titan America priced 24 million shares at $16.00 per share and saw an opening print of $16.20.
TTAM began a slow descent, bottoming at $10.80 in early April—a near 33% loss from its IPO price.
Value investors found favor in the secular tailwinds of US infrastructure following the IPO roadshow but that support faded as the months wore on.


Titan America (TTAM) Six Month Summary: From Steady Debut to a Sluggish Slide

<ul>
<li>After the deal's order book finished multiple-times oversubscribed, the company priced at the lower-half of the range and opened for a minimal gain. </li>
<li>Buyers stepped in and rebounded the stock past its opening price and as high as $17.27 for a gain of 8% at its top-tick. </li>
<li>Value investors found favor in the secular tailwinds of US infrastructure and the positives this company will be able to extract as a newly-formed company. </li>
</ul>


After the deal's order book finished multiple-times oversubscribed, the company priced at the lower-half of the range and opened for a minimal gain. 
Buyers stepped in and rebounded the stock past its opening price and as high as $17.27 for a gain of 8% at its top-tick. 
Value investors found favor in the secular tailwinds of US infrastructure and the positives this company will be able to extract as a newly-formed company. 


Titan America (TTAM): Spin-Off Successful as US Infrastructure Play Finds a Bid in IPO Aftermarket

<ul>
<li>Spinoff of European Parent Titan Cement is seeking a potential $3b valuation.</li>
<li>The financial metrics of this company have been steadily improving which could lend a strong opportunity if priced attractively. </li>
<li>We will be taking a wait-and-see approach for our short-term time frame forecast regarding this deal versus the issue price.</li>
</ul>


Spinoff of European Parent Titan Cement is seeking a potential $3b valuation.
The financial metrics of this company have been steadily improving which could lend a strong opportunity if priced attractively. 
We will be taking a wait-and-see approach for our short-term time frame forecast regarding this deal versus the issue price.


Titan America (TTAM): Cement Producer IPO Spin-Off Poised for Growth Amid Favorable Industry Trends

<ul>
<li>Titan America is a leading vertically integrated, multi-regional manufacturer and supplier of heavy building materials and services sets terms for its IPO. </li>
<li>Citigroup and Goldman Sachs are leading the IPO that could raise north of $400m. </li>
<li>The IPO is scheduled to debut on February 7th with the parent, Titan Cement, offering 62.5% of the shares in this offering. </li>
</ul>


Titan America is a leading vertically integrated, multi-regional manufacturer and supplier of heavy building materials and services sets terms for its IPO. 
Citigroup and Goldman Sachs are leading the IPO that could raise north of $400m. 
The IPO is scheduled to debut on February 7th with the parent, Titan Cement, offering 62.5% of the shares in this offering. 


Titan America (TTAM): Cement Producer Seeking IPO Valuation North of $3bn, Set for February Debut

Belgium

Titan America SA manufactures building materials. The Company produces and sells cement, ready-mix concrete, aggregates, dry mortars, building blocks, and other concrete products. Titan America serves customers worldwide.

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Titan America (TTAM US)

Titan America’s $310M Keystone Bet: Can It Cement Mid-Atlantic Dominance?

Titan America SA has kicked off 2026 with a strategic move aimed at deepening its foothold in the Mid-Atlantic construction materials market. The...

Baptista Research

Titan America (TTAM) Six Month Summary: From Steady Debut to a Sluggish Slide

Titan America's IPO saw initial success but faced a significant decline as value investors lost interest in US infrastructure prospects.

IPO Boutique

Titan America (TTAM): Spin-Off Successful as US Infrastructure Play Finds a Bid in IPO Aftermarket

Company priced toward the lower-half of the range and traded well marking the potential value investors seeing in the company and US infrastructure.

IPO Boutique

Titan America (TTAM): Cement Producer IPO Spin-Off Poised for Growth Amid Favorable Industry Trends

European parent Titan Cement spinoff aiming for $3b valuation with improving financial metrics, potential opportunity if attractively priced. Wait...

IPO Boutique

Titan America (TTAM): Cement Producer Seeking IPO Valuation North of $3bn, Set for February Debut

Titan America, a major building materials manufacturer, sets terms for IPO led by Citigroup and Goldman Sachs, aiming to raise over $400m with a...

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Titan America’s $310M Keystone Bet: Can It Cement Mid-Atlantic Dominance?

Titan America SA has kicked off 2026 with a strategic move aimed at deepening its foothold in the Mid-Atlantic construction materials market. The...

Baptista Research

Titan America (TTAM) Six Month Summary: From Steady Debut to a Sluggish Slide

​Titan America's IPO saw initial success but faced a significant decline as value investors lost interest in US infrastructure prospects.

IPO Boutique

Titan America (TTAM): Spin-Off Successful as US Infrastructure Play Finds a Bid in IPO Aftermarket

​Company priced toward the lower-half of the range and traded well marking the potential value investors seeing in the company and US infrastructure.

IPO Boutique

Titan America (TTAM): Cement Producer IPO Spin-Off Poised for Growth Amid Favorable Industry Trends

​European parent Titan Cement spinoff aiming for $3b valuation with improving financial metrics, potential opportunity if attractively priced. Wait...

IPO Boutique

Titan America (TTAM): Cement Producer Seeking IPO Valuation North of $3bn, Set for February Debut

​Titan America, a major building materials manufacturer, sets terms for IPO led by Citigroup and Goldman Sachs, aiming to raise over $400m with a...

IPO Boutique

Titan America's IPO saw initial success but faced a significant decline as value investors lost interest in US infrastructure prospects.

Company priced toward the lower-half of the range and traded well marking the potential value investors seeing in the company and US infrastructure.

European parent Titan Cement spinoff aiming for $3b valuation with improving financial metrics, potential opportunity if attractively priced. Wait...

Titan America, a major building materials manufacturer, sets terms for IPO led by Citigroup and Goldman Sachs, aiming to raise over $400m with a...