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Key Takeaways
- ServiceTitan sold shares successful an first nationalist offering astatine $71 each, much than anticipated.
- The supplier of package services for waste and acquisition businesses had conscionable raised its value estimate up of nan IPO to $65 to $67 per share, up from $52 to $57 per stock it announced conscionable past week.
- ServiceTitan was started successful 2012 by nan sons of immigrants who owned waste and acquisition businesses.
ServiceTitan is group to statesman trading coming connected nan Nasdaq nether nan ticker awesome "TTAN" pursuing an initial nationalist offering (IPO) that was priced supra nan company's expectations.
The supplier of package services for trades businesses sold 8.8 cardinal shares astatine $71 each, supra its updated estimate of $65 to $67 per share. Last week, ServiceTitan anticipated a waste value of $52 to $57 per share.
ServiceTitan Valued About $6.3B astatine IPO Price
At nan caller price, nan IPO raised astir $625 million, and weighted nan institution astatine $6.3 billion.
In summation to yesterday's sale, ServiceTitan is offering nan underwriters a 30-day action to acquisition an further 1.32 cardinal shares astatine nan $71 price.
Co-founders Ara Mahdessian, who is besides CEO, and Vahe Kuzoyan are scheduled to beryllium astatine nan marketplace tract to ringing nan closing bell. They launched ServiceTitan successful 2012 arsenic a measurement to thief their migrant parents tally their waste and acquisition businesses. They now study having astir 8,000 progressive customers.
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