Except for a few big names like Reddit, 2024 has been a relatively sparse year for high-profile tech IPOs, even as the broader IPO market is showing signs of an upswing. But with only a few weeks remaining, at least one more tech company is going public before the year closes. That company is ServiceTitan, a maker of platforms that help tradespersons conduct their business. Here’s what you need to know about ServiceTitan’s IPO.
What is ServiceTitan?
ServiceTitan is the maker of software that helps tradespeople such as plumbers, electricians, and landscapers manage their businesses. ServiceTitan’s main product is a customer relationship management (CRM) platform called ServiceTitan that helps manage everything from service agreements to accounting to project tracking.
ServiceTitan was cofounded by Ara Mahdessian and Vahe Kuzoyan in 2012. Their fathers were both contractors, and the company was launched to help bring the software they had written years earlier to help manage their family’s business to market. The company is based in Glendale, California.
Is ServiceTitan profitable?
Not quite. According to its S-1 filing with the Securities and Exchange Commission (SEC), the company had $685 million in revenue for the 12 months that ended on July 31, 2024. For the three months ending July 31, the company achieved 24% year-over-year revenue growth.
For the 12 months that ended on July 31, ServiceTitan had a net loss of $183 million, but that was a 31% YOY net loss improvement for the three months ending July 31.
When is ServiceTitan’s IPO?
ServiceTitan priced its shares yesterday and is expected to list today: Thursday, December 12, 2024.
What is ServiceTitan’s stock ticker?
ServiceTitan’s stock will trade under the ticker TTAN.
What exchange will ServiceTitan shares trade on?
ServiceTitan shares will trade on the Nasdaq Global Select Market.
What is the offering share price of TTAN?
ServiceTitan’s IPO shares were priced at $71.00. As noted by CNBC, this is above the expected range for TTAN shares. Originally, they were expected to be priced between $65 and $67 per share.
How many TTAN shares are available in its IPO?
According to a company press release, 8,800,000 shares of ServiceTitan’s Class A common stock are available in its IPO.
How much will ServiceTitan raise in its IPO?
At an IPO price of $71 per share and with 8.8 million shares available, ServiceTitan raised almost $625 million in its public offering.
What is ServiceTitan’s valuation?
At its $71 IPO price, CNBC says ServiceTitan has a total valuation of about $6.3 billion. ServiceTitan counts Bessemer Venture Partners, TPG, and Iconiq among its biggest shareholders.
