ServiceTitan, Inc. (“ServiceTitan”), the software platform that empowers the trades, has officially launched the roadshow for its proposed initial public offering (IPO) of Class A common stock. The company has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) to offer a total of 8,800,000 shares of Class A common stock to the public. Additionally, ServiceTitan plans to grant underwriters a 30-day option to purchase up to 1,320,000 additional shares at the IPO price, less underwriting discounts and commissions. The anticipated IPO price range is between $52.00 and $57.00 per share. ServiceTitan has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “TTAN.”
Goldman Sachs & Co. LLC and Morgan Stanley are serving as lead book-running managers for the proposed offering. Additional book-running managers include Wells Fargo Securities and Citigroup. Passive bookrunners are KeyBanc Capital Markets, Truist Securities, Canaccord Genuity, Needham & Company, Piper Sandler, Stifel, and William Blair. First Citizens Capital Securities, Academy Securities, and Loop Capital Markets will act as co-managers.
The offering will only be made through a prospectus. Copies of the preliminary prospectus, when available, can be obtained from the following sources: Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, or by email at [email protected]; and Morgan Stanley & Co. LLC, Prospectus Department, 180 Varick Street, New York, NY 10014, or email [email protected].
Service Titan IPO. Image Credit: Nasdaq
A registration statement related to these securities has been filed with the SEC but has not yet become effective. These securities cannot be sold, nor offers to buy accepted, until the registration statement becomes effective.
This press release does not constitute an offer to sell or a solicitation to buy these securities. No sales will occur in any state or jurisdiction where such offers, solicitations, or sales would be unlawful before registration or qualification under the applicable securities laws.
About ServiceTitan
ServiceTitan is a cloud-based software platform designed to support trades businesses. The company’s end-to-end solution equips contractors with the tools needed to manage and grow their operations, streamline back-office tasks, and enhance customer experiences. By delivering an integrated SaaS platform to an industry traditionally underserved by technology, ServiceTitan provides tradespeople with the tools necessary to keep the world running efficiently.
ServiceTitan describes its product as an “end-to-end, cloud-based software” solution that integrates various operational functions for trades businesses. These include advertising, scheduling, management, dispatching, invoicing, and other critical tasks, offering a streamlined approach to managing day-to-day operations.
Based in Glendale, California, ServiceTitan reported $363.3 million in revenue for the six-month period ending in July, according to its IPO filing. This marks a 24% increase compared to the same period in 2023. The company also reduced its net loss during this timeframe, posting a $91.7 million loss compared to $104.1 million in the same period the previous year.
