(Bloomberg) — Home service software business ServiceTitan Inc. is seeking to raise as much as $501.6 million in an initial public offering, in what could be the last major US listing of 2024.
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The Glendale, California-based company plans to market 8.8 million shares for $52 to $57 each, according to its filing Tuesday with the US Securities and Exchange Commission.
At the top of that range, ServiceTitan would have a market value of $5.16 billion based on the outstanding shares listed in its filing.
Though valued at as much as $9.5 billion during the 2021 boom, the company had a valuation of about $7.6 billion after a 2022 funding round, according to data provider PitchBook.
ServiceTitan sells software to small businesses in the home and commercial contractor market. Its product aims to improve the efficiency of construction projects and other service visits.
The co-founders, chief executive officer Ara Mahdessian and president Vahe Kuzoyan, will together control the majority of the voting power after the offering through their Class B shares, the filings show. Affiliates of ICONIQ Growth are expected to have a 20.1% stake after the offering, affiliates of Bessemer Venture Partners will have a 11.7% stake, TPG entities are set to have 8.4% and Battery Ventures affiliates will have 6.2%, according to the filings.
The company posted a net loss of $195 million on revenue of $614 million in its fiscal 2024 year, according to its filings.
The IPO is being led by Goldman Sachs Group Inc., Morgan Stanley, Wells Fargo & Co. and Citigroup Inc. with 10 other banks working on the deal. The company plans for its shares to trade on the Nasdaq Global Select Market under the symbol TTAN.
The underwriters will have a chance to purchase up to 1.32 million additional shares.
(Updates with market value in third paragraph and shareholders in sixth paragraph.)
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