After 17 years, more than $1 billion in funding and a failed IPO push, it looks like ServiceTitan is finally ready to go public.
The Glendale-based tech giant plans to go public on the Nasdaq under the ticker “TTAN,” the company announced in late November. ServiceTitan’s filing did not disclose how many shares the company planned on selling.
ServiceTitan previously filed to go public in 2022, but the startup, along with a slew of other privately owned companies, backed away from its public debut just as the stock market began to look less and less favorable to companies with unicorn valuations. Indeed, president and chief executive of downtown-based Greif & Co., Lloyd Greif, told the Los Angeles Business Journal in 2023 that “Public offerings aren’t considered to be attractive as a form of investment. There’s too much volatility.”
But it looks like the tides are turning. Health tech platform Waystar raised $968 million after going public on the Nasdaq in June. Social media forum Reddit debuted on the New York Stock Exchange in March at $34 a share, well above the expected price. Payment platform Klarna announced in mid-November it would file to go public again after a failed attempt in 2022 due its plummeting valuation. Fast fashion retailer Shein has also been floating a public debut on the London Stock Exchange Group set for 2025.
After raising $100 million in Series E funding in April, Sherman Oaks-based workflow automation startup FloQuast Inc. said it is inching its way toward an initial public offering. The company was valued at $1.2 billion in 2021.
Specs of the initial public offering debut
ServiceTitan was founded in 2007 to inject enterprise-grade technology into a rather low-tech field: contracting. Ara Mahdessian and Vahe Kuzoyan, the company’s founders, were both children of contractors who worked on residential housing projects.
The company began as a scheduling platform for the plumbing sector and managed to amass $1.46 billion in funding over the years. It expanded its user base from just plumbing to roofing, electricity services, HVAC specialties and other home and building contracting services. ServiceTitan has also become a Software-as-a-Service platform for those fields, providing scheduling services, bookkeeping software, hiring platforms, marketing and advertising analytics and different payment options.
The company saw $614,341 in revenue in 2024, according to the S-1 filing, up 31% from the year prior. The company’s net loss in 2024 was $195,145, down roughly 28% from 2023.
According to the filing, 5% of shares after the IPO will go to family and friends of the cofounders, unnamed customers and others.
The largest stockholders of ServiceTitan include Battery Ventures (which controls 7.5% of ServiceTitan’s Class A stock), Bessemer Venture Partners (which controls roughly 14% of Class A stock), ICONIQ Growth (which controls the majority of Class A stock at 24%) and TPG (which controls 6.4% of company Class A stock).
ServiceTitan was last valued at $9.5 billion in 2021 after a $200 million Series G funding round, before valuations across the startup sector began to tumble.
