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By Arasu Kannagi Basil and Jaiveer Shekhawat
(Reuters) -Software program startup ServiceTitan is in search of a valuation of as much as $5.16 billion in its U.S. preliminary public providing, it mentioned on Tuesday, in what might be one of many last few flotations of the 12 months that noticed a revival available in the market for brand spanking new listings.
Glendale, California-based ServiceTitan is trying to increase as much as $502 million by providing 8.8 million shares priced between $52 and $57 every.
ServiceTitan will be part of a handful of enterprise capital-backed companies, together with social media platform Reddit and cybersecurity software program agency Rubrik, which have all gone public this 12 months.
VC-backed IPOs have been sparse over the previous two years attributable to excessive rates of interest and market volatility. A profitable share sale by ServiceTitan may encourage others to push forward with their listings.
“Wonderful U.S. inventory market situations and excellent earnings of IPOs general throughout the earlier reporting season make it a positive atmosphere for firms to go public,” IPOX CEO Josef Schuster mentioned.
“We count on that the IPO will proceed easily initially assuming the present valuation vary at considerably above 10 occasions this 12 months’s gross sales.”
Based by Ara Mahdessian and Vahe Kuzoyan, ServiceTitan has grow to be a dominant participant in a distinct segment market, making software program utilized by companies which are run by technicians serving the heating, air flow and air-con sectors.
Its enterprise was buoyed by the COVID-19 pandemic, which spurred demand for home renovation companies amongst folks staying at dwelling.
ServiceTitan – whose rivals embrace software program distributors Salesforce (NYSE:CRM), SAP, and Jobber – was included in 2007 as LinxLogic. It first launched its platform in 2012 and was renamed to ServiceTitan in 2014.
Whereas it fetched a $9.5 billion valuation throughout the 2021 fundraising growth, ServiceTitan was valued at $7.6 billion after a 2022 funding spherical, PitchBook knowledge confirmed.
ServiceTitan might be listed on the Nasdaq below the image “TTAN.”
Goldman Sachs, Morgan Stanley (NYSE:MS), Wells Fargo (NYSE:WFC) and Citigroup (NYSE:C) are main a 14-firm underwriting syndicate.
