US IPO Weekly Winners & Losers

The IPO market has another US tech unicorn on the roster.

Software provider ServiceTitan (Nasdaq: TTAN) filed for an estimated $750 million IPO this week, offering a platform for tradespeople to manage their businesses. It’s expected to debut before year end.

With “growth at all costs” still out of style, ServiceTitan is part of a new wave of tech IPOs pitching solid growth and breakeven cash flow. It’s also the latest tech unicorn to come to market after taking a cut to its 2021-era private valuation. We expect to see this playbook used more often as VC-backed tech issuers continue to return to the IPO market.

For now, ServiceTitan joins just two other US tech unicorns in the visible pipeline, AI chipmaker Cerebras Systems and car sharing platform Turo. Most of the big names have yet to file publicly, but strong returns and growing interest in AI should drive deal flow in the coming months.

This week’s only major offering on the calendar, robotaxi developer Pony AI (Nasdaq: PONY), delayed to next week. It also upped the deal size by 33%, with news that Uber would invest on the IPO.

The Renaissance IPO Index jumped +4.1% this week, more than double the S&P 500’s +1.7%. Athletic gear retailer Amer Sports led an otherwise tech-heavy top five, gaining +25.7% on an earnings beat. Kazakhstani "super app" Kaspi.kz traded off -5.4%.

There won’t be a newsletter next week, since I’ll be enjoying time with the family for the Thanksgiving holiday here in the US.