ServiceTitan Files for $750M Nasdaq IPO as Revenue Grows

Nov 18, 2024, 07:18 PM

ServiceTitan, a cloud software company that provides management solutions for trades businesses, has filed for an initial public offering (IPO) on the Nasdaq under the ticker symbol $TTAN. The company's S-1 filing disclosed that it generated $685 million in revenue for the trailing twelve months, marking a 24% year-over-year increase. Despite the revenue growth, ServiceTitan reported a net loss of $183 million, which represents a 31% improvement from the previous year. The company also highlighted a gross transaction volume of $62 billion, up 23% year-over-year, with gross dollar retention above 95% and net dollar retention over 110%. Platform gross margins stood at 72%, with non-GAAP platform gross margins at 77%. Major shareholders include ICONIQ, Bessemer, Battery, and TPG, each owning more than 5% of the company. The IPO is expected to raise approximately $750 million, coming at a time when the IPO season is heating up.