ServiceTitan, which provides business management software for services contractors, raised the proposed deal size for its upcoming IPO on Tuesday.
The Glendale, CA-based company now plans to raise $581 million by offering 8.8 million shares at a price range of $65 to $67. The company had previously filed to offer the same number of shares at a range of $52 to $57. At the midpoint of the revised range, ServiceTitan will raise 21% more in proceeds than previously anticipated.
ServiceTitan provides an end-to-end, cloud-based software platform that connects and manages a wide array of business workflows for the trades industry. The company serves many trades, including plumbing, electrical, HVAC, garage door, pest control, landscaping, and others, and its customers range in size from family-owned contractors to large franchises. In the 12 months ended July 31, 2024, ServiceTitan processed $62 billion of Gross Transaction Volume (+23% y/y), and as of January 31, 2024, it had approximately 8,000 Active Customers, or customers with over $10,000 of annualized billings.
ServiceTitan was founded in 2007 and booked $685 million in revenue for the 12 months ended July 31, 2024. It plans to list on the Nasdaq under the symbol TTAN. Goldman Sachs, Morgan Stanley, Wells Fargo Securities, Citi, KeyBanc Capital Markets, Truist Securities, Canaccord Genuity, Needham & Co., Piper Sandler, Stifel, and William Blair are the joint bookrunners on the deal. It is still expected to price during the week of December 9, 2024.
