The IPO Buzz: Trades Platform ServiceTitan (TTAN Proposed) Files IPO Plans

ServiceTitan (TTAN Proposed), a cloud-based software platform that helps plumbers, electricians, landscapers and other tradespeople manage their workflows, payment processing and more , filed to go public today – Monday, Nov. 18, 2024. No terms were disclosed; the estimated proceeds are $100 million, a placeholder figure. Some IPO pros, however, think this IPO could raise more than $500 million. This is a NASDAQ listing. Goldman Sachs, Morgan Stanley, Wells Fargo Securities and Citigroup are the joint book-runners. ServiceTitan, based in Glendale, California, said in the prospectus: “We serve many trades, including plumbing, electrical, HVAC, garage door, pest control, landscaping and others.” The trades “constitute a large, expanding cornerstone of our economy,” ServiceTitan said in the prospectus. End customers spend about $1.5 trillion annually on trades services for homes and businesses in the United States and Canada alone, ServiceTitan said, citing its own internal analysis of industry data, according to the prospectus. In the 12 months that ended July 31, 2024, ServiceTitan says it processed $62.0 billion of Gross Transaction Volume (GTV), which represents the sum of total dollars invoiced by ServiceTitan’s customers to their end customers through ServiceTitan’s platform. ServiceTitan is not profitable, according to the prospectus. For the 12 months that ended July 31, 2024, ServiceTitan reported a net loss of $183.0 million on revenue of $685.0 million. (For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on the IPOScoop.com  website.) Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message. Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions. Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.