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Key Takeaways
- ServiceTitan shares skyrocketed aft its trading debut connected nan Nasdaq Thursday.
- The jump comes aft nan company's IPO priced higher than antecedently expected.
- The supplier of package services for waste and acquisition businesses was founded successful 2012.
Shares of ServiceTitan (TTAN) rocketed higher connected nan company’s arsenic investor appetite for its initial nationalist offering surpassed expectations connected its first time of trading.
The supplier of package services for waste and acquisition businesses saw its banal jump 42% to $100.87 intraday Thursday. That comes aft its IPO sold 8.8 cardinal shares astatine $71 each, which hit an earlier projection of $65 to $67 per share.
The IPO raised $625 cardinal and weighted nan institution astatine $6.3 billion. A adjacent astir $101 would push nan company's market capitalization to astir $9 billion.
CEO Ara Mahdessian pinch Vahe Kuzoyan, president and co-founder, launched ServiceTitan successful 2012 to thief their migrant parents tally their waste and acquisition businesses. The institution now reports having astir 8,000 progressive customers.
ServiceTitan reported a nett loss of $183 cardinal connected gross of $685 cardinal for nan 12 months ending July 31.
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