(Reuters) - Software startup ServiceTitan is seeking a valuation of as much as $5.16 billion in its initial public offering in the United States, in what could be one of the final few flotations of the year that saw a revival in the market for new listings.
The Glendale, California-based company said it plans to raise up to $502 million by offering 8.8 million shares priced between $52 and $57 each.
ServiceTitan will join a handful of venture capital-backed firms, including social media platform Reddit and cybersecurity software firm Rubrik, which have all gone public this year.
VC-backed IPOs have been sparse over the past two years due to high interest rates and market volatility. A successful share sale by ServiceTitan could encourage others to push ahead with their listings.
Founded by Ara Mahdessian and Vahe Kuzoyan, ServiceTitan has become a dominant player in a niche market, making software used by businesses that are run by technicians serving the heating, ventilation and air conditioning sectors.
ServiceTitan - whose rivals include software vendors Salesforce, SAP, and Jobber - was incorporated in 2007 as LinxLogic. It first launched its platform in 2012 and was renamed to ServiceTitan in 2014.
While it fetched a $9.5 billion valuation during the 2021 fundraising boom, ServiceTitan was valued at $7.60 billion after a 2022 funding round, PitchBook data showed. It has so far raised $1.46 billion from investors.
And more efficient, more performing. And also the cost has decreased, which enables more companies, more labs to produce new prototypes.'
ServiceTitan had filed confidentially for an IPO in early 2022, Reuters reported last year.
Goldman Sachs, Morgan Stanley, Wells Fargo and Citigroup are leading a 14-firm underwriting syndicate.
ServiceTitan will be listed on the Nasdaq under the symbol "TTAN."