ServiceTitan soars nearly 50% in stellar Nasdaq debut
Updates stock activity, adds context
** Software maker ServiceTitan TTAN.O soars in Nasdaq debut on Thurs after IPO exceeds expectations
** TTAN opens at $101, valuing co at about $9 bln. Stock trades as high as $105, ~48% above $71 IPO price
** Glendale, California-based firm sold 8.8 mln shares above already upwardly revised range of $65-$67 for ~$625 mln raise, after o riginally targeting range of $52-$57
** ServiceTitan's blockbuster listing is likely this year's last big IPO and an encouraging sign of investor appetite for other startups looking to test the market
** Bankers and analysts hoping for a broad revival in U.S. IPOs for 2025 as major equity indexes hit record highs amid the Fed's rate-cut cycle and dampening market volatility
** Founded in 2012 by Ara Mahdessian and Vahe Kuzoyan, ServiceTitan has become a dominant player in a niche market, making software used by more than 11,800 businesses that are run by technicians serving the heating, ventilation and air-conditioning sectors
** For the six months ended July 31, co reported a loss of $86 mln vs $99 mln loss in yr-ago period, while rev increased ~24% y/y to $363 mln (Click here for SEC prospectus filing)
** Goldman Sachs, Morgan Stanley, Wells Fargo and Citigroup leading 14-firm underwriting syndicate for the IPO
** Renaissance IPO Index .FTIPOUSA, which tracks the performance of high-profile listings, has gained ~23% YTD
Reporting by Lance Tupper in New York and Manya Saini in Bengalaru
Lance Tupper is a Reuters market analyst. The views expressed are his own
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