ServiceTitan (TTAN Proposed) increased its IPO’s price range to $65 to $67 – up from $52 to $57 originally – and kept the deal’s number of shares at 8.8 million shares – to raise $580.8 million, if the IPO is priced at its new mid-point of $66, according to an S-1/A filing early today – Tuesday, Dec. 10, 2024.
Bankers intend to price ServiceTitan’s IPO on Wednesday night, Dec. 11, 2024, after the closing bell – to trade Thursday, Dec. 12, 2024, on the NASDAQ.
Goldman Sachs, Morgan Stanley, Wells Fargo Securities and Citigroup are the joint book-runners. (The investment banking team counts 10 more names.)
ServiceTitan, based in Glendale, California, is a cloud platform for “the trades” – plumbers, electricians, HVAC technicians and contractors, landscapers, and more. The company, founded in 2007, provides a cloud platform that handles everything from advertising and job scheduling to generating estimates and invoices, payment processing and more.
It’s the brainchild of Ara Mahdessian and Vahe Kuzoyan, who are the sons of trades business owners, according to the prospectus.
ServiceTitan is not profitable: For the 12 months that ended July 31, 2024, ServiceTitan reported a net loss of $183 million on revenue of $658 million.
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