(Bloomberg) — Home service software company ServiceTitan Inc. has filed a public filing for an initial public offering, announcing growing revenue and declining losses through 2024.
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The company had a net loss of $195 million on revenue of $614 million in fiscal 2024, according to Monday’s filing with the U.S. Securities and Exchange Commission. ServiceTitan will not disclose the proposed size and price range for the stock sale in a filing until it is ready to list the stock.
ServiceTitan is backed by companies such as Index Ventures, Bessemer Venture Partners, Battery Ventures and Thoma Bravo. 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.
The company posted a net loss of about $92 million on revenue of $363 million for the six months to the end of July, the filing showed. The company cited its investments in growth as driving the net loss in recent periods.
ServiceTitan’s offering will be closely watched by Silicon Valley investors. After a few slow years of venture capital IPOs, Reddit Inc., Rubrik Inc. defied. and Ibotta Inc. the public markets earlier this year and found sentiment on Wall Street mixed. A favorable debut for ServiceTitan could encourage more offerings.
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.
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