ServiceTitan IPO Surges 42% in Nasdaq Debut, Raising $625 Million at $71 per Share

Dec 12, 2024, 04:22 PM

ServiceTitan, a cloud software provider for tradespeople, has made a significant impact with its initial public offering (IPO) on the Nasdaq, trading under the ticker symbol TTAN. The company priced its shares at $71 each, above the expected range of $65 to $67, raising approximately $625 million by selling 8.8 million shares. This move values ServiceTitan at about $6.3 billion. The IPO marks one of the last major tech IPOs of 2024, following a period of sparse tech offerings. ServiceTitan's software helps manage various aspects of trade businesses, including marketing, sales, scheduling, and customer service. The company reported a year-over-year revenue growth of 24% for the quarter ending October 2024, despite a net loss widening from the previous year. The founders, Ara Mahdessian and Vahe Kuzoyan, have personal ties to the trades industry, which has fueled their mission to modernize it through technology. ServiceTitan's IPO has been well-received, with shares surging 42% in their first-day trading, indicating strong investor interest and potentially signaling a revival in the tech IPO market.