ServiceTitan, a software developer that sells its wares to contractors, filed yesterday for an IPO on Nasdaq. ServiceTitan sits in the same technology vertical as the likes of Salesforce and SAP. It is aiming to list under the ticker TITAN when the stock goes live.
Next generation software companies are considered something of a hot property with Wall Street, as we saw from debuts like Reddit and Rubrik. Cloud tech companies like ServiceTitan have largely stayed away from the market until this year, largely due to higher US interest rates, analysts said.
ServiceTitan is a developer of cloud-based software which is used for advertising, scheduling jobs, dispatching, invoicing and payments. It is used by small firms like roofers or plumbers. The company registered a $35.7m net loss on the back of $193m in revenue for the last quarter it reported on.
That said, ServiceTitan’s revenues are up 24% year over year and it is narrowing its quarterly losses.
ServiceTitan was founded in 2007 by the sons of residential contractors who saw a gap in the market. More recently it has been selling its wares to larger firms as well. The company said it would be keeping 5% of the stock in the IPO for eligible clients, founders’ friends and family and members of a directed share program.
- Cybersecurity stocks remain one of the strongest performers out there
- IPO Radar: ServiceTitan, Shein, Greatland Gold
- Is now a good time to buy TBC Bank shares?
CI Financial planning to IPO Corient in 2026
Kurt McAlpine, CEO of CI Financial, said he was still planning on taking his US wealth management business Corient public, probably in 2026. This follows it scrapping an original US IPO bid back in 2022. The company is based in Toronto, and operates three divisions, namely asset management, Canadian wealth management, and US wealth management.
CI Financial’s US wealth unit includes Corient Private Wealth, which McAlpine reckons could be spun off via a US IPO. Corient has been on an acquisition drive in the States, buying RIA businesses.
CI Financial said last year it was selling 20% of a private ownership stake in CI Private Wealth. At the time the IPO of Corient was put on ice. McAlpine has stressed to investors in CI Financial that the company’s current priority is scaling up the business. Much will also depend on the state of the markets in the US and investor sentiment.
Corient reported $185bn in total assets under management at the end of September. This is up from $145bn in fall 2023.
Pony.ai listing in US attracting attention from Chinese big hitters
Chinese self-driving AI firm Pony.ai is looking seriously at a US listing of ADRs, to the tune of around $195m. The company has set the IPO price at between $11-13. Pony.ai is the latest in a series of Chinese tech firms which have said they are planning to IPO in the US, and the election of Donald Trump does not seem to be slowing things down so far (e.g. WeRide and Zeekr Intelligent Technology Holdings).
The top end of the Pony.ai pricing values the company at $4.5bn. Some very large hitters seem to be interested in the shares as well. Investment Global Co, which is part of Beijing Automotive Group, has said it could take as much as $75m of the offering.
Guangzhou Automobile Group, which regular readers of this column will know as a backer of WeRide, another Chinese pioneer in the self-driving vehicle market, is understood to be taking a $153m stake in Pony.ai via a concurrent deal.
