ServiceTitan IPO Targets $5.95 Billion Valuation | 2024 Nasdaq Listing
ServiceTitan aims for a $5.95 billion valuation in its IPO, leveraging market momentum. The company specializes in software for HVAC and trade businesses.
ServiceTitan, a software company specializing in solutions for trade businesses, is pursuing a valuation of up to $5.95 billion in its upcoming U.S. initial public offering (IPO). The company announced plans to raise its share price range to $65-$67, aiming to generate up to $589.6 million from the sale of 8.8 million shares. This marks a significant increase from its earlier projection of $502 million at the higher end of its previous price band.
Headquartered in Glendale, California, ServiceTitan develops software designed to enhance operations for businesses in the heating, ventilation, and air conditioning (HVAC) sectors. Founded by Ara Mahdessian and Vahe Kuzoyan, the company has established itself as a leader in its niche market, offering innovative solutions tailored to the needs of technician-run businesses.
The IPO aligns with a broader trend of venture-backed firms entering the public markets in 2024, reflecting a resurgence in the capital market for new listings. ServiceTitan’s move positions it alongside notable companies such as Reddit and Rubrik, which also went public this year.
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ServiceTitan plans to trade on the Nasdaq under the ticker symbol "TTAN." The offering is supported by a 14-firm underwriting syndicate, led by Goldman Sachs, Morgan Stanley, Wells Fargo, and Citigroup.
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