ServiceTitan's IPO Raises $625M, Shares Surge 42% to $101 on Nasdaq Debut

Dec 12, 2024, 05:58 PM

ServiceTitan Inc., a provider of cloud software for trade businesses, made a significant impact in its initial public offering (IPO) on the Nasdaq, with shares closing up 42% at $101 each, above its IPO price of $71. The company, which offers tools for managing operations in sectors like plumbing, HVAC, and electrical services, raised approximately $625 million through the sale of 8.8 million shares. This IPO marks one of the first notable venture-backed tech IPOs since April, signaling a potential resurgence in tech IPOs. ServiceTitan's market cap at the close was about $8.9 billion, reflecting strong investor interest in the company's growth potential and its focus on the trades industry. The company's founders, Ara Mahdessian and Vahe Kuzoyan, whose parents worked in the trades, celebrated this milestone with a bell-ringing ceremony at the Nasdaq.