ServiceTitan Sets $5.95 Billion Valuation Target for US IPO
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Software startup ServiceTitan is aiming for a valuation of up to $5.95 billion in its U.S. initial public offering (IPO), increasing the price range for its shares amid a resurgence in the 2024 capital markets.
The company plans to sell 8.8 million shares at a revised price of $65 to $67 each, potentially raising up to $589.6 million, compared to the $502 million it would have earned at the previous price range.
Based in Glendale, California, ServiceTitan will join a select group of venture-backed companies, such as social media site Reddit and cybersecurity firm Rubrik, that have gone public this year.
Founded by Ara Mahdessian and Vahe Kuzoyan, ServiceTitan has grown to dominate a specialized market, providing software for businesses in the heating, ventilation, and air conditioning (HVAC) sectors.
The company will be listed on Nasdaq under the ticker "TTAN." Goldman Sachs, Morgan Stanley, Wells Fargo, and Citigroup are heading a 14-firm underwriting syndicate for the offering.
Paraphrasing text from "Reuters" all rights reserved by the original author.