ServiceTitan, which provides business management software for services contractors, raised $625 million by offering 8.8 million shares at $71, above the upwardly revised range of $65 to $67. The company originally planned to offer its shares at a range of $52 to $57.
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 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 acted as joint bookrunners on the deal.
