$ServiceTitan (TTAN.US)$ shares are up 46% after its Nasdaq debut exceeded expectations.
TTAN opened at $101 vs $71 IPO price, valuing the company at about $9 billion.
The Glendale, California-based company had a $625 million raise, after originally targeting range of $52-$57.
The U.S. IPO market has been revived this year with major stock indexes hitting record highs amid the Fed's rate-cut cycle.
Founded in 2012 by Ara Mahdessian and Vahe Kuzoyan, ServiceTitan has become a dominant player in a niche market, making software used by more than 11,800 businesses that are run by technicians serving the heating, ventilation and air-conditioning sectors.
For the six months ended July 31, the company reported a loss of $86 mln vs $99 mln loss in yr-ago period, while revenue increased ~24% y/y to $363 mln.
Goldman Sachs, Morgan Stanley, Wells Fargo and Citigroup led the 14-firm underwriting syndicate for the IPO.
Renaissance IPO Index .FTIPOUSA, which tracks the performance of high-profile listings, has gained ~23% YTD.
