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What you need to know
- ServiceTitan’s initial public offering sold more shares than expected, at $71 per share.
- Just last week, the provider of software for business had raised their price estimation ahead of IPO from $52 per share to $66.7 per share.
- ServiceTitan is a company founded by the sons who own trade companies.
ServiceTitan, a company that provides cloud-based services to businesses and consumers worldwide, will be listed on Nasdaq as of today. The ticker is ServiceTitan. “TTAN” After an IPO that exceeded the expectations of the company.
Software services provider for Trades Businesses sold 8,8 millions shares at $71, above their updated estimate of $65, $67 or $67 each share. ServiceTitan had predicted that the price per share would range from $52 up to 57 dollars.
The IPO value of ServiceTitan was $6.3 billion
With the new price the IPO raised almost $625m and valued company at $6.3billion.
In addition to yesterday's sale, ServiceTitan is offering the underwriters a 30-day option to purchase an additional 1.32 million shares at the $71 price.
Ara Mahdessian (co-founder and CEO) will be present at the site of the market to ring out the final bell. In 2012, they launched ServiceTitan to assist their parents who were immigrants in running their businesses. Currently, they report that there are approximately 8,000 customers.
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