ServiceTitan soars in Nasdaq debut as IPO well received

ServiceTitan

12/12/2024 17:54

**  Software startup ServiceTitan  TTAN.O  soars in in
Nasdaq debut on Thurs after IPO exceeds expectations
  
    ** TTAN opens at $101 vs $71 IPO price, valuing co at about
$9 bln
  
    ** Glendale, California-based firm  8.8 mln shares above
already upwardly revised range of $65-$67 for ~$625 mln raise,
after o
    riginally targeting range of $52-$57 
  
    ** The U.S. IPO market has been revived this year with major
stock 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
    
  
    ** 
  

(Reporting by Lance Tupper in New York and Manya Saini in
Bengalaru
Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380
Manya.Saini@thomsonreuters.com))