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Stock impact report

ServiceTitan Quiets The Doubters, With Shares Up 42% In Rare 2024 Tech IPO [Forbes]

Duolingo, Inc. - Class A (DUOL) 
Company Research Source: Forbes
ServiceTitan's IPO sets the stage for tech IPOs to come. In the weeks since ServiceTitan filed to go public in November, CEO Ara Mahdessian had to hold his tongue while speculation ran rampant about his company's ulterior motives to take the plunge. 2024 was a snoozer year for tech IPOs, and many companies were content to sit on the sidelines awaiting better market conditions for their Wall Street debuts. Enterprise software company ServiceTitan was only making an exception because it had to, industry insiders said — noting a provision in a previous private financing that meant that if it waited longer, investors would receive more shares. Bound by a “quiet period,” ServiceTitan couldn't respond. But as his company opened trading on Thursday and closed 42% above an already-higher than anticipated list price of $71, valuing the business at $8.9 billion at end of day, CEO Ara Mahdessian scoffed at the notion he'd gone public on someone else's clock. “We don't make a decision this Show less Read more
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