Software Platform ServiceTitan Boosts IPO Price Estimate [Video]

Market excitement is apparently growing for the initial public offering (IPO) by ServiceTitan, a cloud-based software platform for trades businesses.

In a regulator filing, the company updated the expected IPO sale price to between $65 and $67 per share. Just last week, ServiceTitan anticipated the price would be $52 to $57 per share.

The firm plans to sell 8.8 million shares of its Class A stock, and it will grant the underwriters the option of purchasing an additional 1.32 million shares at the IPO price. 

ServiceTitan reported that for the 12 months ending July 31, it had a net loss of $183 million, with revenue of $685 million. 

The company was founded in 2012 by Ara Mahdessian and Vahe Kuzoyan, sons of immigrants who were trades business owners.

The IPO is anticipated to occur tomorrow, MarketWatch reported. ServiceTitan has applied to trade on the Nasdaq under the ticker symbol “TTAN.”