(Reuters) – Startup software company SoftwareTitan wants to raise up to $5.16 billion in its initial public offering in the United States, in what could be one of the last few avenues of the year that has seen a revival in the market for new listings. .
The Glendale, California-based company said it plans to raise up to $502 million by offering 8.8 million shares priced between $52 and $57 each.
ServiceTitan will join a number of venture capital firms, including social media giant Reddit and cybersecurity software company Rubrik, which have all gone public this year.
Trusted and exciting news every day, right in your inbox
See for yourself — Yodel is your go-to source for daily news, entertainment and exciting news.
VC-backed IPOs have been few in the past two years due to high interest rates and market volatility. A successful share sale with ServiceTitan can encourage others to move forward with their listings.
Founded by Ara Mahdessian and Vahe Kuzoyan, ServiceTitan has become a dominant player in a niche market, creating software used by businesses managed by professionals working in the heating, ventilation and air conditioning sector.
ServiceTitan — whose competitors include software vendors Salesforce, SAP, and Jobber — was incorporated in 2007 as LinxLogic. It first launched its platform in 2012 and was renamed ServiceTitan in 2014.
While it fetched a $9.5 billion valuation during its 2021 fundraising round, ServiceTitan was valued at $7.60 billion after its 2022 funding round, PitchBook data showed. To date it has raised $1.46 billion from investors.
ServiceTitan had privately filed for an IPO in early 2022, Reuters reported last year.
Goldman Sachs, Morgan Stanley, Wells Fargo and Citigroup lead a syndicate of 14 underwriting firms.
ServiceTitan will be listed on the Nasdaq under the symbol “TTAN.”
(Reporting by Arasu Kannagi Basil and Jaiveer Shekhawat in Bengaluru; Editing by Anil D’Silva and Saumyadeb Chakrabarty)
Source link
