(Reuters) – Software program (ETR:) startup ServiceTitan priced its U.S. preliminary public providing at $71 per share, it stated on Wednesday, in an IPO that might see it increase $624.8 million.
The IPO was priced above the corporate’s beforehand indicated vary of $65 to $67 and values it at round $6.30 billion, in keeping with Reuters calculations.
The U.S. IPO market, which was impacted by excessive rates of interest and market volatility for over two years, has been rejigged by an ebullient inventory market and the Federal Reserve’s rate-cut cycle.
ServiceTitan will be a part of a handful of enterprise capital-backed corporations, together with social media platform Reddit and cybersecurity software program agency Rubrik, which have all gone public this yr.
The corporate is promoting 8.8 million shares within the IPO and will probably be listed on Nasdaq below the ticker image “TTAN.”
ServiceTitan plans to make use of the proceeds from the share sale to extend capitalization and monetary flexibility, in keeping with its IPO submitting.
The corporate was valued at $9.5 billion after a Thoma Bravo-led funding spherical in 2021.
Based by Ara Mahdessian and Vahe Kuzoyan, ServiceTitan has turn into a dominant participant in a distinct segment market, making software program utilized by greater than 11,800 companies which might be run by technicians serving the heating, air flow and air-conditioning sectors.
ServiceTitan, whose rivals embody Salesforce (NYSE:), SAP and Jobber, was included in 2007 as LinxLogic. It first launched its platform in 2012 and was renamed to ServiceTitan in 2014.
Goldman Sachs, Morgan Stanley (NYSE:), Wells Fargo (NYSE:) and Citigroup (NYSE:) are main a 14-firm underwriting syndicate for the IPO.
