Software startup ServiceTitan valued at $8.97 bln as shares jump 42% in Nasdaq debut (updated)
12/12/2024 17:57
(Adds opening share price in paragraph 2)
Dec 12 (Reuters) - Shares of ServiceTitan TTAN.O rose
about 42% in their U.S. market debut on Thursday, giving the
cloud-based software company a valuation of $8.97 billion.
The company's shares opened at $101 apiece in their Nasdaq
debut, compared with the initial public offering (IPO) price of
$71.
Strong equity markets, the prospect of lower interest
rates and expectations of a soft landing for the economy have
bolstered investor confidence in the U.S. IPO market this year.
ServiceTitan joins a handful of venture capital-backed
firms that have gone public this year, including social media
platform Reddit RDDT.N and cybersecurity software firm Rubrik
RBRK.N .
(Reporting by Pritam Biswas and Jaiveer Shekhawat in Bengaluru;
Editing by Devika Syamnath and Shreya Biswas)
((Pritam.Biswas@thomsonreuters.com;))