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ServiceTitan IPO Prices Above Expectations; Stock Set To Start Trading Today
Key Takeaways
ServiceTitan is set to begin trading today on the Nasdaq under the ticker symbol "TTAN" following an initial public offering (IPO) that was priced above the company's expectations.
The provider of software services for trades businesses sold 8.8 million shares at $71 each, above its updated estimate of $65 to $67 per share. Last week, ServiceTitan anticipated a sale price of $52 to $57 per share.
ServiceTitan Valued About $6.3B at IPO Price
At the new price, the IPO raised nearly $625 million, and valued the company at $6.3 billion.
In addition to yesterday's sale, ServiceTitan is offering the underwriters a 30-day option to purchase an additional 1.32 million shares at the $71 price.
Co-founders Ara Mahdessian, who is also CEO, and Vahe Kuzoyan are scheduled to be at the market site to ring the closing bell. They launched ServiceTitan in 2012 as a way to help their immigrant parents run their trade businesses. They now report having approximately 8,000 active customers.
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