ServiceTitan pops 42% in cloud software vendor’s Nasdaq debut after selling shares at $71
In the first notable venture-backed tech IPO since April, ServiceTitan shares jumped after the cloud software company raised about $625 million in its offering.
ServiceTitan shares popped 42% in their Nasdaq debut on Thursday after the provider of cloud software to contractors raised around $625 million in its initial public offering.
The company, trading under ticker symbol TTAN, sold shares at $71 apiece on Wednesday, above the expected range. The stock opened and closed at exactly $101 per share. Based on the closing price, the company's market cap was about $8.9 billion.
ServiceTitan's IPO is notable because few tech companies have taken the leap into the public market since late 2021, when rising interest rates and soaring inflation pushed investors out of risky assets. ServiceTitan is the first significant venture-backed tech company to go public since Rubrik's debut in April. A month before that, Reddit started trading on the New York Stock Exchange.
Other companies have suggested an IPO could be coming soon. Chipmaker Cerebras filed to go public in September, but the process was slowed down due to a review by the Treasury Department's Committee on Foreign Investment in the U.S., or CFIUS. Last month, online lender Klarna said it had confidentially filed IPO paperwork with the U.S. Securities and Exchange Commission.