ServiceTitan, a Glendale tech agency that makes enterprise administration software program for plumbers, painters and different contractors, introduced Tuesday that it needs to lift as much as $502 million in its preliminary public providing on the Nasdaq inventory change.
The corporate mentioned it plans to supply 8.8 million shares that might be priced between $52 and $57 every, based on a regulatory submitting. On the prime of that vary, ServiceTitan would have a market capitalization of $5.16 billion. The corporate was valued at $7.6 billion after a November 2022 funding spherical. ServiceTitan hasn’t mentioned when it plans to begin buying and selling.
ServiceTitan was based in 2007 by two school mates from Glendale, Ara Mahdessian, 39, and Vahe Kuzoyan, 41, whose fathers labored as contractors. The corporate beforehand raised about $1.4 billion from enterprise companies, together with Iconiq Progress, Bessemer Enterprise Companions and Battery Ventures.
It counts about 8,000 contracting companies as clients, offering an end-to-end software program suite that may handle reserving appointments, producing estimates and processing invoices in addition to payroll and dispatching staff. Purchasers vary in dimension from family-owned contractors to giant nationwide franchises totaling greater than 100,000 technicians. It fees a subscription price for its providers.
The corporate, which assists contractors nationwide, says it needs to broaden the variety of trades and markets it serves. It employed 2,870 staff as of July 31 at its Glendale headquarters and workplaces elsewhere within the U.S. and internationally.
Rivals embody BuildOps, Housecall Professional, Jobber and different firms that cost subscriptions for his or her web-based enterprise administration software program.
ServiceTitan had filed confidential paperwork for an $18-billion public providing in 2022, based on Enterprise Insider, however didn’t transfer ahead after the Federal Reserve sharply raised rates of interest to fight inflation, freezing up the IPO market.
The corporate reported income of $614 million within the fiscal yr that ended Jan. 31, up almost a 3rd from a yr earlier, and an working lack of $195 million, 28% lower than in fiscal 2023. It had about $147 million in money and equivalents readily available as of Jan. 31 and was carrying $175 million in long-term web debt.
The corporate’s share construction will be sure that management stays with the founders — Mahdessian is chief government and Kuzoyan president — who will retain all Class B shares, that are entitled to 10 votes every.
Lead underwriters on the IPO are Goldman Sachs Group, Morgan Stanley, Wells Fargo and Citigroup. They’ve an possibility to purchase a further 1.32 million shares, which might be traded beneath the ticker image “TTAN.”
Bloomberg contributed to this report.
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