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ServiceTitan(TTAN.US) plans to issue 8.8 million shares at a price range of $52 to $57 per share

Market IntelTuesday, Dec 3, 2024 11:00 am ET

1min read

ServiceTitan, an enterprise management software company headquartered in Glendale, California, announced specific terms of its IPO on Tuesday.

According to the announcement, ServiceTitan plans to issue 8.8 million shares in its IPO at a price range of $52 to $57 per share. At the midpoint of the range, the fully diluted market capitalization of the company would be $5.6 billion.

ServiceTitan offers a suite of end-to-end cloud software platforms specifically designed for service contractors in traditional industries to manage and connect various business workflows. Its services cover multiple industries including plumbing, electrical, HVAC, garage doors, pest control, landscaping, etc. Clients range from family-owned businesses to large chains. ServiceTitan processed a total transaction volume of $62 billion in the 12 months ended July 31, 2024. As of January 31, 2024, the company had approximately 8,000 active customers with annualized billings of over $10,000.

ServiceTitan was founded in 2007 and recorded revenue of $685 million in the 12 months ended July 31, 2024. The company plans to list on the Nasdaq under the ticker symbol "TTAN." The underwriters for the IPO include Goldman, Morgan Stanley, Wells Fargo, Citigroup, KeyBanc Capital Markets, Truist Securities, Canaccord Genuity, Needham & Co., Piper Sandler, Stifel, and William Blair. The offering is expected to price in the week of December 9, 2024.

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