ServiceTitan prices US IPO above range to raise about $625 million
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FILE PHOTO: American flags are seen outside the New York Stock Exchange in New York City, New York, U.S., March 13, 2020. REUTERS/Lucas Jackson/File Photo
(Reuters) - Software startup ServiceTitan priced its U.S. initial public offering at $71 per share, it said on Wednesday, in an IPO that could see it raise $624.8 million.
The IPO was priced above the company's previously indicated range of $65 to $67 and values it at around $6.30 billion, according to Reuters calculations.
The U.S. IPO market, which was impacted by high interest rates and market volatility for over two years, has been rejigged by an ebullient stock market and the Federal Reserve's rate-cut cycle.
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.
The company is selling 8.8 million shares in the IPO and will be listed on Nasdaq under the ticker symbol "TTAN."
ServiceTitan plans to use the proceeds from the share sale to increase capitalization and financial flexibility, according to its IPO filing.
The company was valued at $9.5 billion after a Thoma Bravo-led funding round in 2021.
Founded by Ara Mahdessian and Vahe Kuzoyan, ServiceTitan has become a dominant player in a niche market, making software used by more than 11,800 businesses that are run by technicians serving the heating, ventilation and air-conditioning sectors.
ServiceTitan, whose rivals include Salesforce, SAP and Jobber, was incorporated in 2007 as LinxLogic. It first launched its platform in 2012 and was renamed to ServiceTitan in 2014.
Goldman Sachs, Morgan Stanley, Wells Fargo and Citigroup are leading a 14-firm underwriting syndicate for the IPO.
(Reporting by Pritam Biswas, Nilutpal Timsina and Angela Christy in Bengaluru; Editing by Varun H K)
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