(Bloomberg) -- Home service software business ServiceTitan Inc. has filed publicly for an initial public offering, disclosing a growing revenue and shrinking loss through 2024.
The company had a net loss of $195 million on revenue of $614 million in its fiscal 2024 year, according to its filing Monday with the US Securities and Exchange Commission. ServiceTitan won’t disclose the proposed size and price range for the share sale in a filing until it’s ready to begin marketing the shares.
ServiceTitan is backed by firms including Index Ventures, Bessemer Venture Partners, Battery Ventures and Thoma Bravo. Though valued at as much as $9.5 billion during the 2021 boom, the company had a valuation of about $7.6 billion after a 2022 funding round, according to data provider PitchBook.
ServiceTitan sells software to small businesses in the home and commercial contractor market. Its product aims to improve the efficiency of construction projects and other service visits.
The company posted a net loss of roughly $92 million on revenue of $363 million for the six months through the end of July, the filing showed. The company cited its investment in growth as the driver for its net loss in recent periods.
ServiceTitan’s offering will be watched closely by Silicon Valley investors. After a few slow years for venture-backed IPOs, Reddit Inc., Rubrik Inc. and Ibotta Inc. braved the public markets earlier this year, and found Wall Street sentiment mixed. A favorable debut for ServiceTitan could help encourage more offerings.
The IPO is being led by Goldman Sachs Group Inc., Morgan Stanley, Wells Fargo & Co. and Citigroup Inc. with ten other banks working on the deal. The company plans for its shares to trade on the Nasdaq Global Select Market under the symbol TTAN.
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