ServiceTitan Shares Surge 42% to $101 in Nasdaq Debut, Raising $625 Million

Dec 12, 2024, 06:26 PM

ServiceTitan Inc., a Glendale, California-based software provider for home and commercial trades services, made a strong debut on the Nasdaq Exchange under the ticker symbol TTAN. Founded by Ara Mahdessian and Vahe Kuzoyan, the company's shares opened at $101, 42% above its IPO price of $71, after an initial pricing range of $52-$57 was upsized due to strong investor demand. The stock reached as high as $104 during its first day of trading. ServiceTitan raised approximately $624.8 million through the offering, valuing the company around $6.3 billion. The platform serves as an operating system for tradespeople, having facilitated 109 million jobs in fiscal year 2024, with a gross transaction value of $62 billion over the last 12 months. The company reported an implied annual recurring revenue of $772 million, growing 24% year-over-year. The successful IPO reflects renewed investor appetite for technology offerings and is seen as a positive sign for the reopening of the IPO market in 2025. Key investors include Bessemer Venture Partners, Battery Ventures, and Tidemark Capital.