ServiceTitan (TTAN Proposed), a cloud-based software platform that helps plumbers, electricians, landscapers and other tradespeople manage their workflows, payment processing and more, filed to go public today – Monday, Nov. 18, 2024. No terms were disclosed; the estimated proceeds are $100 million, a placeholder figure. Some Wall Street pros, however, think this IPO could raise more than $500 million. This is a NASDAQ listing.
Goldman Sachs, Morgan Stanley, Wells Fargo Securities and Citigroup are the joint book-runners.
ServiceTitan, based in Glendale, California, said in the prospectus: “We serve many trades, including plumbing, electrical, HVAC, garage door, pest control, landscaping and others.”
The trades “constitute a large, expanding cornerstone of our economy,” ServiceTitan said in the prospectus.
End customers spend about $1.5 trillion annually on trades services for homes and businesses in the United States and Canada alone, ServiceTitan said, citing its own internal analysis of industry data, according to the prospectus.
In the 12 months that ended July 31, 2024, ServiceTitan says it processed $62.0 billion of Gross Transaction Volume (GTV), which represents the sum of total dollars invoiced by ServiceTitan’s customers to their end customers through ServiceTitan’s platform.
ServiceTitan is not profitable, according to the prospectus. For the 12 months that ended July 31, 2024, ServiceTitan reported a net loss of $183.0 million on revenue of $685.0 million.
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