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ServiceTitan IPO Prices Above Expectations; Stock trading is scheduled to begin today

Posted on by Taylor Reeves
ServiceTitan IPO Prices Above Expectations; Stock trading is scheduled to begin today

Key insights

  • ServiceTitan sold shares in an initial public offering for $71 each, higher than expected.
  • The provider of software services for trading companies had just raised its pre-IPO price estimate to $65 to $67 per share, after announcing $52 to $57 per share just last week.
  • ServiceTitan was founded in 2012 by the sons of immigrants who owned commercial companies.

ServiceTitan will begin trading on Nasdaq today under the ticker symbol “TTAN” following an initial public offering (IPO) that was priced above the company’s expectations.

The trading software services provider sold 8.8 million shares at $71 each, above its updated estimate of $65 to $67 per share. Last week, ServiceTitan expected a sales price of $52 to $57 per share.

ServiceTitan is valued at around $6.3 billion at the IPO price

At the new price, the IPO raised nearly $625 million and valued the company at $6.3 billion.

In addition to yesterday’s sale, ServiceTitan is offering underwriters a 30-day option to purchase an additional 1.32 million shares at a price of $71.

Co-founders Ara Mahdessian, who is also CEO, and Vahe Kuzoyan are expected to be on hand to ring the closing bell. They launched ServiceTitan in 2012 to help their immigrant parents run their commercial businesses. They now claim to have around 8,000 active customers.

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