Shares of ServiceTitan (TTAN) rocketed higher on the company’s as investor appetite for its initial public offering surpassed expectations on its first day of trading.
The provider of software services for trade businesses saw its stock jump 42% to $100.87 intraday Thursday. That comes after its IPO sold 8.8 million shares at $71 each, which beat an earlier projection of $65 to $67 per share.
The IPO raised $625 million and valued the company at $6.3 billion. A close around $101 would push the company's market capitalization to about $9 billion.
CEO Ara Mahdessian with Vahe Kuzoyan, president and co-founder, launched ServiceTitan in 2012 to help their immigrant parents run their trade businesses. The company now reports having approximately 8,000 active customers.
ServiceTitan reported a net loss of $183 million on revenue of $685 million for the 12 months ending July 31.
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