IPO - ServiceTitan, Inc.

Form Type: CORRESP

Filing Date: 2024-12-09

Corporate Action: Ipo

Type: New

Accession Number: 000119312524273525

Filing Summary: ServiceTitan, Inc. has submitted a request for acceleration of the effective date of its Registration Statement on Form S-1 (File No. 333-283296), aiming for it to become effective by 4:00 p.m. Eastern Time on December 11, 2024. This request is made in accordance with Rule 461 under the Securities Act of 1933. The company has indicated it would prefer the registration become effective as soon as practicable or at another time arranged via telephone with SEC staff. The request was signed by Ara Mahdessian, the Chief Executive Officer, and copied to several executives and legal advisors associated with ServiceTitan and its legal counsel, Latham & Watkins LLP.

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Form Type: CORRESP

Filing Date: 2024-12-09

Corporate Action: Ipo

Type: New

Accession Number: 000119312524273527

Filing Summary: ServiceTitan, Inc. has submitted a request for acceleration of the effectiveness of its Registration Statement on Form S-1 (File No. 333-283296), aiming for the effective date to be December 11, 2024, at 4:00 P.M. Eastern Time. This request is in accordance with Rule 461 under the Securities Act of 1933. The undersigned representatives of several underwriters, including Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC, have indicated their compliance with the necessary distribution and regulatory requirements. The document specifies that the underwriters shall secure adequate distribution of the preliminary prospectus prior to the effective time of the Registration Statement. Compliance with Rule 15c2-8 of the Securities Exchange Act of 1934 is also confirmed.

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Form Type: CORRESP

Filing Date: 2024-12-03

Corporate Action: Ipo

Type: Update

Accession Number: 000119312524269346

Filing Summary: On December 3, 2024, ServiceTitan, Inc. filed Amendment No. 1 to its previously filed Registration Statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC). This amendment addresses the feedback provided in a comment letter dated November 26, 2024, from the SEC staff. Key changes include expanded disclosures regarding the Company's directed share program, which is intended for eligible customers, friends, and family of the co-founders. The registration details how eligibility is determined, the communication process with participants, and the allocation of shares. Approximately 15,400 individuals are identified as eligible to receive communication about participating in this program. The Company has made adjustments in its disclosures across several pages of the Registration Statement to respond to the SEC's inquiries.

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Form Type: DRSLTR

Filing Date: 2024-10-21

Corporate Action: Ipo

Type: Update

Accession Number: 000095012324009810

Filing Summary: ServiceTitan, Inc. submitted a revised draft Registration Statement on Form S-1 as Amendment No. 3 to the U.S. Securities and Exchange Commission on a confidential basis, responding to feedback from the Commission's staff. The submission follows prior filings which began in February 2024. Amendment No. 3 includes updates based on comments received on October 1, 2024, primarily addressing issues such as gross and net dollar retention rates, customer count, and gross transaction volume. The Company confirmed that its gross dollar retention rate has remained stable, and while the net dollar retention rate has slightly declined, it emphasizes that detailed quarterly disclosures could mislead investors. The Company has chosen to detail its gross transaction volumes and has clarified the critical metrics for evaluating its business, focusing on Active Customers rather than total customer counts. The document is meant to ensure compliance with the guidelines established by the Jumpstart Our Business Startups Act (JOBS Act).

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Form Type: DRSLTR

Filing Date: 2024-04-16

Corporate Action: Ipo

Type: Update

Accession Number: 000095012324003354

Filing Summary: ServiceTitan, Inc. has submitted a revised draft Registration Statement on Form S-1 (Amendment No. 1) on a confidential basis as part of its initial public offering (IPO) process. This amendment reflects the company's responses to comments received from the SEC staff regarding its previous draft submission made on February 29, 2024. Key revisions were made in response to comments regarding risk factors, business performance metrics, stock-based compensation, cloud computing arrangements, revenue recognition policies, and other disclosures pertinent to the IPO process. Specifically, the document outlines how the ongoing Russian military actions have not materially impacted operations, addresses the significance of customer metrics, and clarifies the valuation of stock grants. The company continues to monitor and will provide any necessary materials to the SEC related to its upcoming offering. Amendments include financial metrics, risk disclosures, and updates to key performance measures critical for investor analysis. Furthermore, explanations regarding the usage of open-source software and proprietary data in AI efforts were included alongside critical accounting policy updates regarding leases and indemnifications. The company is finalizing lock-up agreements and will provide additional disclosure as they are completed.

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