ServiceTitan is now a public company
After more than a decade as a private company, ServiceTitan brought the trades to Wall Street — and made its public debut
Image: CNBC
The trades have landed — on Wall Street. ServiceTitan made its public debut, ending the day as a $9 billion company.
Why it matters: “It’s an important day for our company, but more importantly, it’s a historic day for the industries that we serve,” said Ara Mahdessian, CEO, in a TV interview.
What’s happening: After more than a decade as a private company, ServiceTitan last month filed for an IPO, initially pricing shares between $52 and $57. Full breakdown
- Yesterday, it revised that price to $71.
- And then around lunchtime today, it began trading at $101 — a 42 percent jump, validating the public’s optimism about both the company and the industries it serves.
The big picture: HVAC and plumbing have seen the limelight this year.
- Since April, the Wall Street Journal has published three stories about the trades that have gone viral: One exploring Gen Z’s interest, another highlighting the industries’ popularity on TikTok, and the third covering the influx of private equity dollars.
- ServiceTitan’s debut caps the year, further cementing the trades into mainstream (and the investor community’s) consciousness.
What’s next: The company raised about $625 million in the offering, and its first earnings call is expected sometime in January or February.
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