US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/servicetitan-inc" target="_blank" data-smartkarma-citation="entities:44109:1" rel="noopener">ServiceTitan (TTAN US)</a> is ineligible for the one Global Index for the next 12 months due to undisclosed shareholdings which remain locked for one year following the IPO.</li>
<li>
<a href="https://www.smartkarma.com/entities/servicetitan-inc" target="_blank" data-smartkarma-citation="entities:44109:1" rel="noopener">ServiceTitan (TTAN US)</a> is ineligible for the next 6 months for the US and the other Global Index because it fails public voting rights.</li>
<li>
<a href="https://www.smartkarma.com/entities/servicetitan-inc" target="_blank" data-smartkarma-citation="entities:44109:1" rel="noopener">ServiceTitan's</a> earliest addition is forecasted for September 2025 in the one Global Index following the IPO lock-up expiry unless there is a material conversion of unlisted shares.</li>
</ul>



ServiceTitan (TTAN US) is ineligible for the one Global Index for the next 12 months due to undisclosed shareholdings which remain locked for one year following the IPO.

ServiceTitan (TTAN US) is ineligible for the next 6 months for the US and the other Global Index because it fails public voting rights.

ServiceTitan's earliest addition is forecasted for September 2025 in the one Global Index following the IPO lock-up expiry unless there is a material conversion of unlisted shares.


ServiceTitan (TTAN US): Lock-Ups Prevent Inclusion in US & Global Indices

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>ServiceTitan, a provider of field service management software for home service businesses, priced its IPO at $71.00/share and raised ~$625M.  </li>
<li>ServiceTitan IPO has seen robust demand among institutional investors. The company boosted its initial price range to $65.00 to $67.00 per share.</li>
<li>The offering was priced above the price range, valuing ServiceTitan at ~$6.5B. The stock jumped ~42% on first day as a public company and closed at $101.00 on Thursday.</li>
</ul>


ServiceTitan, a provider of field service management software for home service businesses, priced its IPO at $71.00/share and raised ~$625M.  
ServiceTitan IPO has seen robust demand among institutional investors. The company boosted its initial price range to $65.00 to $67.00 per share.
The offering was priced above the price range, valuing ServiceTitan at ~$6.5B. The stock jumped ~42% on first day as a public company and closed at $101.00 on Thursday.


ServiceTitan IPO: Pricing and First Trading-Day, The Stock Jumped ~42% As A Public Company

<ul>
<li>ServiceTitan, a founder-led market leader for trades businesses in the United States and Canada, is expected to IPO this week.</li>
<li>The company’s amended S-1 puts the initial price range per share at $52.00 to $57.00, implying a market cap of roughly $5B at the midpoint.  </li>
<li>I have a positive view of upcoming ServiceTitan IPO and expect an attractive first trading-day return. The stock will begin trading on the Nasdaq on Thursday.  </li>
</ul>


ServiceTitan, a founder-led market leader for trades businesses in the United States and Canada, is expected to IPO this week.
The company’s amended S-1 puts the initial price range per share at $52.00 to $57.00, implying a market cap of roughly $5B at the midpoint.  
I have a positive view of upcoming ServiceTitan IPO and expect an attractive first trading-day return. The stock will begin trading on the Nasdaq on Thursday.  


ServiceTitan Valuation Analysis: Attractive First-Day Return, Initial Price Range: $52.00-$57.00

<ul>
<li>ServiceTitan, a VC-backed cloud-based software company for the home and commercial service industries, files to go public and may raise up to $500M.</li>
<li>The company serves many trades, including plumbing, HVAC, garage doors, landscaping, pest control, water treatment, heating, construction and others.</li>
<li>ServiceTitan is well positioned as a leader at scale in the trade industry. They currently operate in the United States, Canada and see significant opportunity in international markets.</li>
</ul>


ServiceTitan, a VC-backed cloud-based software company for the home and commercial service industries, files to go public and may raise up to $500M.
The company serves many trades, including plumbing, HVAC, garage doors, landscaping, pest control, water treatment, heating, construction and others.
ServiceTitan is well positioned as a leader at scale in the trade industry. They currently operate in the United States, Canada and see significant opportunity in international markets.


ServiceTitan IPO Preview: Great Success Story, Leader at Scale In The Trade Industry

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Sailpoint Technologies Holdings / Equity Capital Markets

<ul>
<li>SailPoint is sponsor-backed by Thoma Bravo and is seeking a valuation north of $11b after taking the company private in August 2022 for $6.9bn</li>
<li>The sponsor will be only selling 2.5mm shares in this offering.</li>
<li>As of October 31, 2024, their annual recurring revenue was $813.2 million, reflecting an increase of 30% compared to October 31, 2023. </li>
</ul>


SailPoint is sponsor-backed by Thoma Bravo and is seeking a valuation north of $11b after taking the company private in August 2022 for $6.9bn
The sponsor will be only selling 2.5mm shares in this offering.
As of October 31, 2024, their annual recurring revenue was $813.2 million, reflecting an increase of 30% compared to October 31, 2023. 


SailPoint, Inc. (SAIL) -- First Software IPO of the Year: Thoma Bravo Seeking $11.5b IPO Valuation

United States

ServiceTitan, Inc. provides software solutions. The Company develops a trade platform that offer collection of field service activities required to install, maintain, and service the infrastructure and systems of residences and commercial buildings tradespeople like local plumber, roofer, landscaper, HVAC technician, and others who are employed in the trades.

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ServiceTitan (TTAN US)