Actions Servicetitan increased by 42% in the first day trade on Nasdaq On Thursday, in what is going to probably be the last great IPO by a unicorn supported by the undertaking.
The Glendale company in California, which offers a platform for construction services specialists, valued a public offer at 71 USD per share at the end of Wednesday. It was above the expected range from 65 to 67 USD and set an initial quote for a company of USD 6.3 billion.
Trade under the symbol of Tan, the company had a market capitalization of around USD 7.6 billion, because shares closed on Thursday at USD 101.
The offer is applied to a relatively slow yr for IPO technological. In general, the first half of the yr was energetic, with large well -received offers from the discussion platform Redditcommunication technology programmer Asera Labsand data security supplier Heading.
However, the activity offering technology slowed down in the second half of 2024, and the American unicorns, mostly, determine before submitting the application for the audience. Servicetitan, which has long been a favorite on the lists of likely candidates for IPO, was an exception, submission of S-1 in mid-November.
Over a decade of financing
Established in 2012, the company previously collected at least $ 1.5 billion from the long list of supporters of ventures and private equity. According to S-1, the largest owners of abnormal A-class actions. Iconiq growth (24%), Bessemer enterprise partners (13.9%), Battery ventures (7.5%) I TPG (6.4%).
Apparently Servicetitan was valued at $ 9.5 billion after the financial round 2021, near the market summit.
When it comes to financial results, the company’s funds show growing revenues combined with smaller net losses. In a six -month period ending on July 31, Servicetitan obtained USD 348 million revenues, which is an increase in 26% compared to the same period in 2023. Net loss during this era was USD 92 million in 2024, which is a 12% decrease than a yr ago.
A big a part of the losses results from high expenses for sale and marketing ($ 116 million in six months ending on July 31) and for research and development ($ 121 million in the same period). Without these or administrative expenses, Servicetitan claims that his gross profit was $ 233 million.