ServiceTitan, a software start-up company, is seeking a valuation of $5.95 billion U.S. for its upcoming initial public offering (IPO).
The company has announced plans to sell 8.8 million shares at a price of $65 U.S. to $67 U.S. in the IPO that is expected to take place before year’s end.
At the $5.95 billion U.S. valuation, ServiceTitan’s IPO could potentially raise up to $589.6 million U.S. for the company.
The Glendale, California-based concern will trade on the Nasdaq exchange under the ticker symbol “TTAN.”
ServiceTitan is one of only a few big technology IPOs this year after earlier public debuts from Reddit (RDDT) and Rubrik (RBRK).
Founded in 2007, ServiceTitan makes cloud software for advertising, scheduling jobs, dispatching workers, invoicing clients, and receiving payments.
Its customers are primarily contractors such as plumbers and roofers.
The company posted a $35.7 million U.S. net loss on $193 million U.S. in revenue in the quarter that ended on July 31 of this year, according to its IPO filing.
Revenue at ServiceTitan rose 24% year-over-year, and the quarterly loss narrowed from $52 million U.S. a year earlier.
The company’s IPO is being managed by Wall Street investment banks Goldman Sachs (GS) and Morgan Stanley (MS).
