ServiceTitan set to soar in well-received IPO

ServiceTitan

12/12/2024 17:03

**  Software startup ServiceTitan  TTAN.O  set to soar in
Nasdaq debut on Thurs after IPO exceeds expectations
  
    ** TTAN shares recently indicated to open at $103 vs $71 IPO
price
  
    ** Glendale, California-based firm  8.8 mln shares above
already upwardly revised range of $65-$67 for ~$625 mln raise
  
    ** Co had originally targeted price range of $52-$57
  
    ** The U.S. IPO market has revived this year with major
indexes hitting record highs amid the Fed's rate-cut cycle
  
    ** Founded in 2012 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
  
    ** For the six months ended July 31, co reported a loss of
$86 mln vs $99 mln loss in yr-ago period, while rev increased
~24% y/y to $363 mln (Click  for SEC prospectus filing)
  
    ** Goldman Sachs, Morgan Stanley, Wells Fargo and Citigroup
leading 14-firm underwriting syndicate for the IPO
    
  

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380))