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Open original source ↗The hurdle on the ratchet was $85. If they had done a direct listing, the founders, employees, and early investors would all own a larger percentage of the company. Biased hand allocation resulted in the as-always underprice which in this case triggered the ratchet. Sad to see.
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WOW! Last major IPO of the year is pricing on a big up note. ServiceTitan $TTAN opens @NasdaqExchange at $101, initially priced $52-$57, upsized to $65-$67, priced at $71. IPO investors are hopeful 2025 will mark the end of three painful years of sub-par IPO raises. $IPO
BobPisani ↗