(Reuters) – Software program (ETR:) Begin-up ServiceTitan has priced its U.S. IPO at $71 per share, it introduced Wednesday, in an IPO that might see it increase $624 .8 million {dollars}.
The IPO worth was above the corporate’s beforehand acknowledged vary of $65 to $67, and valued it at about $6.30 billion, in response to Reuters calculations.
The U.S. IPO market, which has been battered by excessive rates of interest and market volatility for greater than two years, has been revived by a sizzling inventory market and the Federal Reserve’s rate-cutting cycle.
ServiceTitan will be a part of a handful of venture-backed firms, together with social media platform Reddit and cybersecurity software program firm Rubrik, all of which went public this 12 months.
The corporate is promoting 8.8 million shares in its IPO and might be listed on Nasdaq below the image “TTAN.”
ServiceTitan plans to make use of proceeds from the inventory sale to extend capitalization and monetary flexibility, in response to its IPO submitting.
The corporate was valued at $9.5 billion after a funding spherical led by Thoma Bravo in 2021.
Based by Ara Mahdessian and Vahe Kuzoyan, ServiceTitan has grow to be a dominant participant in a distinct segment market, producing software program utilized by greater than 11,800 technician-led companies within the HVAC industries.
ServiceTitan, whose rivals embrace Salesforce (NYSE:), SAP and Jobber, was integrated in 2007 as LinxLogic. It first launched its platform in 2012 and was renamed ServiceTitan in 2014.
Goldman Sachs, Morgan Stanley (NYSE:), Wells Fargo (NYSE:) and Citi Group (NYSE:) is main a 14-company underwriting syndicate for the IPO.
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