ServiceTitan, a software company, plans to raise up to $5.16 billion in its first public offering in the United States, according to the organisation on Tuesday. This might be one of the last flotations of the year, as the market for new listings has reignited.
ServiceTitan, headquartered in Glendale, California, plans to raise up to $502 million by issuing 8.8 million shares at $52 to $57 apiece.
ServiceTitan will be among a flurry of backed by venture capital enterprises that went public this year, including Reddit, a site for social networks, and Rubrik, a cybersecurity software supplier.
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Due to elevated borrowing rates and volatile markets, VC-backed IPOs have been scarce over the last two years.ServiceTitan’s successful share offering may inspire others to continue with their listings.
“exceptional quality U.S. stock trading conditions and excellent profitability of IPOs overall during the previous reporting period make it an excellent time for companies to go public,” Josef Schuster, chief executive officer of IPOX, stated.
“We hope that the IPO will go ahead comfortably initially sustaining its present valuation stance at somewhat above 10 times this year’s earnings.”
Ara Mahdessian and Vahe Kuzoyan generated ServiceTitan
ServiceTitan, founded by Ara Mahdessian and Vahe Kuzoyan, has established itself as a dominating player in a specialised industry, producing software for enterprises run by technicians in air conditioning, heating, and ventilation sectors.
ServiceTitan, which interacts with software suppliers such as Salesforce, SAP, and Jobber, was launched in 2007 as LinxLogic.It first launched its information technology in 2012 and was rebranded ServiceTitan in 2014.
ServiceTitan has been valued at $7.6 billion after a 2022 financing transaction.
According to PitchBook data, ServiceTitan was valued at $7.6 billion following a 2022 investment round, compared to $9.5 billion during the 2021 investment boom.
ServiceTitan will trade on the Nasdaq under the symbol of the ticker “TTAN.”
The underwriting syndicate of 14 firms is led by Goldman Sachs, Morgan Stanley, Wells Fargo, and Citigroup.
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