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(Bloomberg) -- ServiceTitan Inc. shares climbed 42% above their initial public offering price after the residential and commercial repair software company raised $624.8 million.

The Glendale, California-based company’s stock closed at $101 each on Thursday, the same price as where they opened, and well above the offering price of $71 apiece. The first-day increase is the largest for a US IPO raising more than $400 million since Reddit Inc.’s debut in March, when its stock leaped 48% above the IPO price, data compiled by Bloomberg show.

ServiceTitan had marketed shares for $65 to $67 each after increasing the range.

The trading gives ServiceTitan a market value of close to $9 billion. Including stock options and restricted share units listed in its filings with the US Securities and Exchange Commission, the company’s fully diluted valuation is closer to $10 billion.

That compares with a valuation of about $7.6 billion after its 2022 funding round, according to data provider PitchBook. The firm was valued at as much as $9.5 billion during the 2021 boom.

The price range increase earlier this week reflected optimism in ServiceTitan’s growth potential given its “large addressable market and integrated software product,” according to Bloomberg Intelligence analyst Anurag Rana.

ServiceTitan sells software that consolidates tasks such as scheduling, dispatching and financing on its business management platform.

“This was a forgotten industry until ServiceTitan came along,” said Nina Achadjian, a board member at the company and a partner at Index Ventures, which is among its backers. “The product market fit is incredible.”

The firm aims to improve the efficiency of construction projects and other service visits for residential customers and commercial contractors.

“Our analysis suggests high-teens annual sales growth for the next two years, with potential for upward revisions if the small and midsized business market rebounds,” Rana wrote in a note earlier this week.

The co-founders, chief executive officer Ara Mahdessian and president Vahe Kuzoyan, were set to together control the majority of the voting power after the offering through their Class B shares, the filings show. Affiliates of ICONIQ Growth were expected to own 20.5% of the Class A shares after the offering, while affiliates of Bessemer Venture Partners will have 11.9%, TPG Inc. entities will have 7.2% and Battery Ventures affiliates will have 6.4%, according to the filings.