ServiceTitan seeks up to 5.95 bln dollars valuation in its US IPO
Technology
ServiceTitan seeks up to 5.95 bln dollars valuation in its US IPO
(Reuters) - Software startup ServiceTitan is seeking a valuation of up to $5.95 billion in its US initial public offering by raising the price at which it plans to sell shares, it said on Tuesday, amid a revival in the capital market for new listings in 2024.
The company said it would still sell 8.8 million shares but at a raised price range of $65 to $67 each, which would fetch it up to $589.6 million, compared with the $502 million it would have raised at the higher end of the earlier price band.
Glendale, California-based 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.
Founded by Ara Mahdessian and Vahe Kuzoyan, ServiceTitan has become a dominant player in a niche market. The company makes software used by businesses run by technicians serving the heating, ventilation, and air conditioning sectors.
ServiceTitan will be listed on the Nasdaq under the symbol "TTAN."
Goldman Sachs, Morgan Stanley, Wells Fargo and Citigroup are leading a 14-firm underwriting syndicate.
