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ServiceTitan’s IPO keeps getting weirder
ServiceTitan made a few interesting disclosures about what it will do with the money from its IPO and who it will sell the stock to.
VC Alex Clayton, general partner at late-stage firm Meritech Capital, known for his IPO analysis, was the first to point out that painful ratchet structure in a blog post that went viral. He tells TechCrunch that spending a large chunk of its IPO cash for ServiceTitan to get out of the preferred stock deal “makes sense.” ServiceTitan is setting aside 5% of its shares to sell to friends and family of the founders and, it clarified, to certain C-suite decision makers of its customers.
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