News

Key Takeaways

Shares of ServiceTitan ( TTAN ) rocketed higher on the company’s as investor appetite for its initial public offering surpassed expectations on its first day of trading .

The provider of software services for trade businesses saw its stock jump 42% to $100.87 intraday Thursday. That comes after its IPO sold 8.8 million shares at $71 each, which beat an earlier projection of $65 to $67 per share.

The IPO raised $625 million and valued the company at $6.3 billion. A close around $101 would push the company's market capitalization to about $9 billion.

CEO Ara Mahdessian with Vahe Kuzoyan, president and co-founder, launched ServiceTitan in 2012 to help their immigrant parents run their trade businesses. The company now reports having approximately 8,000 active customers.

ServiceTitan reported a net loss of $183 million on revenue of $685 million for the 12 months ending July 31.

Read the original article on Investopedia