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Software startup ServiceTitan valued at $8.97 billion as shares jump 42% in Nasdaq debut

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(Reuters) -Shares of ServiceTitan rose about 42% in their U.S. market debut on Thursday, giving the cloud-based software company a valuation of $8.97 billion.

The company’s shares opened at $101 apiece in their Nasdaq debut, compared with the initial public offering (IPO) price of $71.

© Reuters. A screen displays the company logo for ServiceTitan, during the company's IPO at the Nasdaq Market in Times Square in New York City, U.S., December 12, 2024.  REUTERS/Brendan McDermid

Strong equity markets, the prospect of lower interest rates and expectations of a soft landing for the economy have bolstered investor confidence in the U.S. IPO market this year.

ServiceTitan joins a handful of venture capital-backed firms that have gone public this year, including social media platform Reddit and cybersecurity software firm Rubrik.

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