(Bloomberg) — Home service software company ServiceTitan Inc. plans to file for an initial public offering next week, according to people familiar with the matter.
Most read from Bloomberg
The Glendale, California-based company aims to go public before the end of the year, the people said.
The details and timing of the company’s plans could still change, said the people, who asked not to be identified discussing private information. A spokesperson for ServiceTitan did not immediately respond to a request for comment.
ServiceTitan is backed by companies such as Index Ventures, Bessemer Venture Partners, Battery Ventures and Thoma Bravo. Although the company was valued at as much as $9.5 billion during the 2021 boom, the company had a valuation of around $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 markets. The product is intended to improve the efficiency of construction projects and other service visits.
ServiceTitan’s offering will be closely watched by Silicon Valley investors. After several slow years of venture capital IPOs, Reddit Inc., Rubrik Inc. defied. and Ibotta Inc. the public markets earlier this year and found sentiment on Wall Street mixed. A favorable debut for ServiceTitan could encourage more offerings.
Most read from Bloomberg Businessweek
©2024 BloombergLP
