(Bloomberg) — Home service software company ServiceTitan Inc. is looking to raise as much as $501.6 million through an initial public offering, which could be the last major U.S. listing of 2024.
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The Glendale, California-based company plans to market 8.8 million shares at $52 to $57 each, according to a Tuesday filing with the U.S. Securities and Exchange Commission.
At the high end of that range, ServiceTitan would have a market value of $5.16 billion, based on the outstanding shares listed in the filing.
Although the company was valued at as much as $9.5 billion during the 2021 boom, the company had a valuation of around $7.6 billion after a 2022 funding round, according to data provider PitchBook.
ServiceTitan sells software to small businesses in the home and commercial contractor markets. The product is intended to improve the efficiency of construction projects and other service visits.
Its co-founders, CEO Ara Mahdessian and President Vahe Kuzoyan, will jointly control a majority of voting rights through their Class B shares after the offering, the filings show. Affiliates of ICONIQ Growth are expected to have a 20.1% interest post-offering, affiliates of Bessemer Venture Partners are expected to have an 11.7% interest, TPG entities are expected to have 8.4% and affiliates of Battery Ventures will have 6.2%, according to the filings.
The company posted a net loss of $195 million on revenue of $614 million in fiscal 2024, according to the filings.
The IPO is led by Goldman Sachs Group Inc., Morgan Stanley, Wells Fargo & Co. and Citigroup Inc., with 10 other banks working on the deal. The company plans to trade its shares on the Nasdaq Global Select Market under the symbol TTAN.
The underwriters will have the opportunity to purchase up to 1.32 million additional shares.
(Updates with market value in third paragraph and shareholders in sixth paragraph.)
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