Shares in software provider ServiceTitan have closed their debut up 42 per cent in New York, wrapping up the US calendar for large public listings with an encouraging signal for 2025.
The lossmaking group, which provides tradespeople with services such as scheduling and advertising, raised $625mn selling shares at $71 apiece, having raised its initial price range — and then priced above the updated range.
Companies have raised more than $30bn going public on US exchanges this year, up 50 per cent from last year.
Most, however, have been profitable mature companies, so signs of sustainable investor appetite for earlier-stage growth companies such as ServiceTitan could encourage more initial public offerings in 2025.
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