ServiceTitan Targets $5.16 Billion Valuation in Nasdaq IPO

The software firm plans to raise up to $502 million, with a significant portion allocated to clearing costly private equity obligations.

ServiceTitan, a Glendale-based software provider for contractors, announced plans to offer 8.8 million shares priced between $52 and $57 each in its IPO.
The company seeks to raise up to $502 million, which could value it at $5.16 billion, significantly lower than its 2022 valuation of $7.6 billion.
A major portion of the IPO proceeds, approximately $311 million, will be used to buy back non-convertible preferred shares and settle unpaid dividends owed to private investors.
ServiceTitan’s financials show narrowing losses, with a $183 million operating loss in fiscal 2024, alongside $614 million in revenue, a 30% increase from the previous year.
The IPO will also include a direct share program, reserving 5% of shares for founders’ friends and family as well as select customer executives, raising potential conflict-of-interest concerns.