50% Off! Beat the market in 2025 with InvestingProCLAIM SALE

ServiceTitan targets $5.16 billion valuation in IPO

Published 2024-12-03, 07:04 a/m

ServiceTitan, a software startup, is aiming for a valuation of up to $5.16 billion in its upcoming initial public offering (IPO) in the United States, marking one of the final major public offerings in a year that has seen a resurgence in the IPO market.

The Glendale, California-based firm announced intentions to raise as much as $502 million by offering 8.8 million shares at a price range of $52 to $57 per share.

Joining the ranks of venture capital-backed companies like Reddit and Rubrik, ServiceTitan is moving forward with its public debut. This move comes after a period of relative scarcity in VC-backed IPOs, attributed to high interest rates and market fluctuations. The successful completion of ServiceTitan's IPO could serve as a catalyst for other companies considering going public.

ServiceTitan, established by Ara Mahdessian and Vahe Kuzoyan, has carved out a significant presence in a specialized market, developing software for service businesses, particularly those in the heating, ventilation, and air conditioning (HVAC) industry.

Competing with established software providers such as Salesforce (NYSE:CRM), SAP, and Jobber, ServiceTitan has distinguished itself since its inception. The company was originally founded as LinxLogic in 2007, launched its platform in 2012, and rebranded to ServiceTitan in 2014.

Despite reaching a peak valuation of $9.5 billion during the fundraising frenzy of 2021, ServiceTitan's valuation was adjusted to $7.60 billion following a funding round in 2022. According to PitchBook data, the company has accumulated $1.46 billion in investment to date.

ServiceTitan's plans for an IPO were initially kept under wraps, with a confidential filing reported by Reuters in early 2022. The offering is being facilitated by a syndicate of 14 underwriting firms, including industry heavyweights Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS), Wells Fargo (NYSE:WFC), and Citigroup (NYSE:C).

Upon completion of the IPO, ServiceTitan's shares will be available on the Nasdaq exchange under the ticker symbol "TTAN."

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.