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.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。