Aside from a few big names like Reddit, 2024 has been a comparatively sparse yr for high-profile tech IPOs, even because the broader IPO market is showing signs of an upswing. However with only some weeks remaining, no less than yet another tech firm goes public earlier than the yr closes. That firm is ServiceTitan, a maker of platforms that assist tradespersons conduct their enterprise. Right here’s what you must find out about ServiceTitan’s IPO.
What’s ServiceTitan?
ServiceTitan is the maker of software program that helps tradespeople similar to plumbers, electricians, and landscapers handle their companies. ServiceTitan’s foremost product is a buyer relationship administration (CRM) platform referred to as ServiceTitan that helps handle all the things from service agreements to accounting to undertaking monitoring.
ServiceTitan was cofounded by Ara Mahdessian and Vahe Kuzoyan in 2012. Their fathers had been each contractors, and the corporate was launched to assist carry the software program they’d written years earlier to assist handle their household’s enterprise to market. The corporate is predicated in Glendale, California.
Is ServiceTitan worthwhile?
Not fairly. In line with its S-1 filing with the Securities and Exchange Commission (SEC), the corporate had $685 million in income for the 12 months that ended on July 31, 2024. For the three months ending July 31, the corporate achieved 24% year-over-year income progress.
For the 12 months that ended on July 31, ServiceTitan had a web lack of $183 million, however that was a 31% YOY web loss enchancment for the three months ending July 31.
When is ServiceTitan’s IPO?
ServiceTitan priced its shares yesterday and is predicted to listing right now: Thursday, December 12, 2024.
What’s ServiceTitan’s inventory ticker?
ServiceTitan’s inventory will commerce beneath the ticker TTAN.
What alternate will ServiceTitan shares commerce on?
ServiceTitan shares will commerce on the Nasdaq International Choose Market.
What’s the providing share value of TTAN?
ServiceTitan’s IPO shares had been priced at $71.00. As noted by CNBC, that is above the anticipated vary for TTAN shares. Initially, they had been anticipated to be priced between $65 and $67 per share.
What number of TTAN shares can be found in its IPO?
In line with an organization press launch, 8,800,000 shares of ServiceTitan’s Class A typical inventory can be found in its IPO.
How a lot will ServiceTitan increase in its IPO?
At an IPO value of $71 per share and with 8.8 million shares out there, ServiceTitan raised nearly $625 million in its public providing.
What’s ServiceTitan’s valuation?
At its $71 IPO value, CNBC says ServiceTitan has a complete valuation of about $6.3 billion. ServiceTitan counts Bessemer Enterprise Companions, TPG, and Iconiq amongst its greatest shareholders.